Tobam Acquires 3,336 Shares of Cipher Mining Inc. (NASDAQ:CIFR)

Tobam raised its stake in Cipher Mining Inc. (NASDAQ:CIFR) by 22.7% in the fourth quarter, Holdings Channel reports. The firm owned 18,023 shares of the company’s stock after acquiring an additional 3,336 shares during the quarter. Tobam’s holdings in Cipher Mining were worth $84,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Tidal Investments LLC raised its stake in Cipher Mining by 73.4% in the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after buying an additional 1,584,874 shares during the period. Geode Capital Management LLC boosted its position in shares of Cipher Mining by 37.8% in the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after acquiring an additional 1,511,455 shares during the period. Van ECK Associates Corp grew its position in Cipher Mining by 41.5% during the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock worth $15,094,000 after buying an additional 1,144,390 shares in the last quarter. Paloma Partners Management Co acquired a new stake in Cipher Mining during the third quarter worth about $4,029,000. Finally, State Street Corp increased its stake in shares of Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after purchasing an additional 1,019,949 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Stock Up 1.4 %

CIFR opened at $5.97 on Friday. Cipher Mining Inc. has a twelve month low of $2.61 and a twelve month high of $7.99. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The company’s 50-day moving average price is $5.63 and its two-hundred day moving average price is $4.98. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of -45.92 and a beta of 2.40.

Analyst Ratings Changes

A number of brokerages have issued reports on CIFR. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.50 target price on shares of Cipher Mining in a report on Friday, January 31st. BTIG Research boosted their price objective on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Macquarie raised their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Finally, JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective for the company in a report on Tuesday, December 10th. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $8.14.

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.