Van ECK Associates Corp Reduces Holdings in Cipher Mining Inc. (NASDAQ:CIFR)

Van ECK Associates Corp lessened its position in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 8.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,579,068 shares of the company's stock after selling 321,151 shares during the period. Van ECK Associates Corp owned approximately 1.03% of Cipher Mining worth $16,607,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp increased its holdings in Cipher Mining by 17.3% during the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company's stock worth $26,777,000 after acquiring an additional 1,019,949 shares during the period. Geode Capital Management LLC increased its holdings in Cipher Mining by 37.8% during the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company's stock worth $21,327,000 after acquiring an additional 1,511,455 shares during the period. Paloma Partners Management Co bought a new stake in Cipher Mining during the 3rd quarter worth approximately $4,029,000. The Manufacturers Life Insurance Company increased its holdings in Cipher Mining by 47.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 98,941 shares of the company's stock worth $383,000 after acquiring an additional 31,815 shares during the period. Finally, Barclays PLC increased its holdings in shares of Cipher Mining by 377.2% in the 3rd quarter. Barclays PLC now owns 296,493 shares of the company's stock worth $1,147,000 after buying an additional 234,366 shares during the last quarter. Institutional investors own 12.26% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CIFR. Cantor Fitzgerald decreased their price target on shares of Cipher Mining from $11.00 to $10.00 and set an "overweight" rating on the stock in a report on Tuesday, February 4th. Keefe, Bruyette & Woods began coverage on shares of Cipher Mining in a report on Wednesday, January 8th. They issued an "outperform" rating on the stock. BTIG Research increased their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a "buy" rating in a report on Friday, November 15th. Needham & Company LLC reissued a "buy" rating and issued a $7.50 price target on shares of Cipher Mining in a report on Friday, January 31st. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and issued a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Ten equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Cipher Mining currently has a consensus rating of "Buy" and an average target price of $8.14.

Cipher Mining Trading Up 2.0 %

CIFR traded up $0.12 during trading on Wednesday, hitting $6.02. 8,428,198 shares of the stock traded hands, compared to its average volume of 11,467,088. The firm has a market capitalization of $2.09 billion, a P/E ratio of -46.30 and a beta of 2.41. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The firm has a 50-day moving average of $5.53 and a 200 day moving average of $4.99. Cipher Mining Inc. has a 12-month low of $2.65 and a 12-month high of $7.99.

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.