Drive Wealth Management LLC Purchases 5,489 Shares of Cipher Mining Inc. (NASDAQ:CIFR)

Drive Wealth Management LLC raised its position in Cipher Mining Inc. (NASDAQ:CIFR) by 5.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 101,209 shares of the company’s stock after purchasing an additional 5,489 shares during the quarter. Drive Wealth Management LLC’s holdings in Cipher Mining were worth $470,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of CIFR. American Century Companies Inc. raised its position in Cipher Mining by 129.4% in the second quarter. American Century Companies Inc. now owns 176,783 shares of the company’s stock valued at $734,000 after purchasing an additional 99,736 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of Cipher Mining in the second quarter valued at about $2,142,000. Amalgamated Bank increased its stake in shares of Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after buying an additional 4,557 shares during the period. XTX Topco Ltd acquired a new stake in shares of Cipher Mining in the second quarter valued at about $235,000. Finally, Xponance Inc. acquired a new stake in shares of Cipher Mining in the second quarter valued at about $45,000. 12.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CIFR shares. Keefe, Bruyette & Woods started coverage on Cipher Mining in a research note on Wednesday, January 8th. They issued an “outperform” rating for the company. Needham & Company LLC reissued a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a research note on Tuesday, January 21st. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price for the company in a research note on Tuesday, December 10th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $11.00 target price on shares of Cipher Mining in a research note on Tuesday, January 7th. Finally, BTIG Research raised their target price on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Ten equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $8.25.

Cipher Mining Stock Performance

CIFR stock opened at $5.90 on Monday. Cipher Mining Inc. has a twelve month low of $2.15 and a twelve month high of $7.99. 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’s 50 day moving average is $5.84 and its 200-day moving average is $5.01.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share 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 the consensus estimate of $25.84 million. During the same quarter in the prior year, the business earned ($0.07) EPS. On average, research analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Activity

In related news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the sale, the insider now directly owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. This trade represents a 0.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the sale, the chief operating officer now owns 664,270 shares in the company, valued at $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 356,881 shares of company stock worth $2,388,389 over the last 90 days. 2.25% of the stock is currently owned by corporate insiders.

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.