Cipher Mining Inc. (NASDAQ:CIFR) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company increased its stake in Cipher Mining Inc. (NASDAQ:CIFR) by 246.2% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 67,126 shares of the company’s stock after acquiring an additional 47,738 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Cipher Mining were worth $279,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CIFR. Virtu Financial LLC purchased a new position in shares of Cipher Mining in the fourth quarter worth approximately $202,000. B. Riley Wealth Advisors Inc. raised its stake in Cipher Mining by 50.0% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock valued at $62,000 after purchasing an additional 5,000 shares during the period. Quadrature Capital Ltd purchased a new stake in shares of Cipher Mining in the fourth quarter valued at $513,000. Nomura Holdings Inc. acquired a new stake in shares of Cipher Mining in the fourth quarter worth $213,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in shares of Cipher Mining during the first quarter valued at $542,000. 12.26% of the stock is owned by institutional investors and hedge funds.

Cipher Mining Stock Performance

CIFR stock opened at $4.82 on Friday. The firm has a 50 day moving average of $3.65 and a two-hundred day moving average of $4.18. Cipher Mining Inc. has a 12 month low of $2.15 and a 12 month high of $7.99. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of 80.33 and a beta of 2.25. The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. The firm had revenue of $36.81 million for the quarter, compared to the consensus estimate of $39.17 million. During the same period in the prior year, the business posted ($0.05) earnings per share. As a group, equities analysts anticipate that Cipher Mining Inc. will post -0.04 EPS for the current fiscal year.

Analysts Set New Price Targets

CIFR has been the subject of several research analyst reports. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 price target on shares of Cipher Mining in a research report on Thursday, October 3rd. Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research report on Thursday, August 29th. Finally, Macquarie began coverage on shares of Cipher Mining in a report on Tuesday, September 24th. They set an “outperform” rating and a $6.00 price target on the stock. Seven research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $7.21.

Insider Activity

In related news, COO Patrick Arthur Kelly sold 89,742 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the sale, the chief operating officer now directly owns 717,431 shares in the company, valued at approximately $3,135,173.47. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider William Iwaschuk sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total value of $591,000.00. Following the sale, the insider now directly owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the transaction, the chief operating officer now owns 717,431 shares in the company, valued at $3,135,173.47. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,943,078 shares of company stock valued at $17,389,769. Insiders own 2.25% of the company’s stock.

Cipher Mining Company Profile

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.