Cipher Mining Inc. (NASDAQ:CIFR) Shares Purchased by Van ECK Associates Corp

Van ECK Associates Corp boosted its position in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 41.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,900,219 shares of the company's stock after buying an additional 1,144,390 shares during the quarter. Van ECK Associates Corp owned approximately 1.26% of Cipher Mining worth $15,094,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CIFR. Millennium Management LLC grew its position in shares of Cipher Mining by 122.8% during the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company's stock valued at $22,123,000 after acquiring an additional 2,938,184 shares during the period. Vanguard Group Inc. grew its holdings in Cipher Mining by 62.0% in the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company's stock valued at $29,134,000 after purchasing an additional 2,164,383 shares during the period. Vident Advisory LLC raised its stake in shares of Cipher Mining by 94.9% during the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company's stock worth $11,537,000 after buying an additional 1,090,811 shares during the period. Dimensional Fund Advisors LP purchased a new position in shares of Cipher Mining during the 2nd quarter valued at approximately $2,142,000. Finally, Bank of New York Mellon Corp grew its stake in Cipher Mining by 243.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company's stock valued at $2,279,000 after acquiring an additional 389,079 shares during the period. Hedge funds and other institutional investors own 12.26% of the company's stock.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business's stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $2.74, for a total value of $5,209,046.88. Following the transaction, the insider now directly owns 103,946,004 shares in the company, valued at $284,812,050.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider William Iwaschuk sold 150,000 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total transaction of $591,000.00. Following the completion of the transaction, the insider now directly owns 619,148 shares in the company, valued at approximately $2,439,443.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business's stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the completion of the sale, the insider now owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,943,078 shares of company stock worth $23,609,769. Insiders own 2.25% of the company's stock.

Wall Street Analyst Weigh In

CIFR has been the subject of a number of research analyst reports. Cantor Fitzgerald restated an "overweight" rating and set a $9.00 price objective on shares of Cipher Mining in a research report on Thursday, October 3rd. HC Wainwright reaffirmed a "buy" rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Needham & Company LLC reissued a "buy" rating and set a $7.50 target price on shares of Cipher Mining in a report on Friday, November 1st. Northland Capmk upgraded Cipher Mining to a "strong-buy" rating in a research report on Wednesday, September 25th. Finally, Northland Securities started coverage on Cipher Mining in a research report on Wednesday, September 25th. They set an "outperform" rating and a $6.00 price target for the company. Seven analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Cipher Mining has a consensus rating of "Buy" and an average price target of $7.36.

Cipher Mining Price Performance

Shares of CIFR stock traded up $1.65 during trading hours on Wednesday, reaching $6.97. The company had a trading volume of 28,330,397 shares, compared to its average volume of 9,226,053. 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 $2.42 billion, a price-to-earnings ratio of -53.61 and a beta of 2.18. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The stock has a fifty day moving average of $4.08 and a 200-day moving average of $4.31.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts' expectations of $25.84 million. During the same quarter in the previous year, the company earned ($0.07) earnings per share. On average, equities analysts anticipate that Cipher Mining Inc. will post -0.06 earnings per share for the current year.

Cipher Mining 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.