State Street Corp Raises Holdings in Cipher Mining Inc. (NASDAQ:CIFR)

State Street Corp boosted its holdings in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 17.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,919,189 shares of the company's stock after purchasing an additional 1,019,949 shares during the quarter. State Street Corp owned approximately 1.99% of Cipher Mining worth $26,777,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp raised its position in Cipher Mining by 243.2% during the second quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company's stock worth $2,279,000 after acquiring an additional 389,079 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Cipher Mining by 93.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,482 shares of the company's stock worth $89,000 after purchasing an additional 10,380 shares during the last quarter. Principal Financial Group Inc. purchased a new position in Cipher Mining in the 2nd quarter valued at about $88,000. Van ECK Associates Corp boosted its holdings in Cipher Mining by 0.8% in the 2nd quarter. Van ECK Associates Corp now owns 2,755,829 shares of the company's stock worth $11,437,000 after buying an additional 22,086 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in Cipher Mining by 253.7% during the 2nd quarter. Rhumbline Advisers now owns 226,905 shares of the company's stock worth $942,000 after buying an additional 162,749 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company's stock.

Cipher Mining Trading Down 9.1 %

NASDAQ:CIFR traded down $0.52 on Monday, reaching $5.21. The company's stock had a trading volume of 10,143,904 shares, compared to its average volume of 9,468,142. Cipher Mining Inc. has a 12-month low of $2.15 and a 12-month high of $7.99. The stock has a 50 day moving average price of $6.11 and a 200 day moving average price of $4.90. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of -40.07 and a beta of 2.29. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The company had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. During the same period in the previous year, the company earned ($0.07) EPS. On average, equities analysts anticipate that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.

Insider Transactions at Cipher Mining

In other news, insider William Iwaschuk sold 150,000 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the sale, the insider now owns 619,148 shares of the company's stock, valued at approximately $2,439,443.12. This represents a 19.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total transaction of $392,172.54. Following the completion of the transaction, the chief operating officer now owns 717,431 shares of the company's stock, valued at $3,135,173.47. This trade represents a 11.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,596,623 shares of company stock worth $9,591,561. 2.25% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on CIFR. BTIG Research raised their target price on Cipher Mining from $6.00 to $9.00 and gave the company a "buy" rating in a research report on Friday, November 15th. Northland Securities raised their price objective on Cipher Mining from $6.00 to $8.50 and gave the company an "outperform" rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. raised shares of Cipher Mining from a "neutral" rating to an "overweight" rating and set a $8.00 target price for the company in a report on Tuesday, December 10th. Macquarie boosted their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an "outperform" rating in a research report on Thursday, November 7th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $7.50 price objective on shares of Cipher Mining in a report on Friday, November 1st. Nine research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cipher Mining currently has a consensus rating of "Buy" and a consensus price target of $8.03.

About Cipher Mining

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.