Exchange Traded Concepts LLC Increases Holdings in Cipher Mining Inc. (NASDAQ:CIFR)

Exchange Traded Concepts LLC raised its stake in Cipher Mining Inc. (NASDAQ:CIFR) by 11.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,471,822 shares of the company’s stock after acquiring an additional 147,915 shares during the period. Exchange Traded Concepts LLC’s holdings in Cipher Mining were worth $6,829,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of CIFR. Amalgamated Bank boosted its stake in Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after purchasing an additional 4,557 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Cipher Mining by 912.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after purchasing an additional 5,432 shares during the last quarter. Farther Finance Advisors LLC bought a new position in shares of Cipher Mining during the third quarter valued at $33,000. Xponance Inc. purchased a new stake in shares of Cipher Mining during the second quarter valued at $45,000. Finally, W Advisors LLC bought a new stake in Cipher Mining in the 3rd quarter worth about $45,000. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Stock Performance

Shares of CIFR opened at $5.90 on Friday. The business has a 50-day simple moving average of $5.84 and a two-hundred day simple moving average of $5.00. 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 Inc. has a 52 week low of $2.15 and a 52 week high of $7.99. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of -45.38 and a beta of 2.38.

Cipher Mining (NASDAQ:CIFR) last released 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 return on equity of 8.29% and a negative net margin of 33.39%. The firm had revenue of $24.10 million during the quarter, compared to analysts’ expectations of $25.84 million. During the same period in the prior year, the company posted ($0.07) earnings per share. On average, analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CIFR. Macquarie upped their target price on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research note on Thursday, November 7th. 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 research report on Tuesday, December 10th. Keefe, Bruyette & Woods began coverage on Cipher Mining in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. Northland Securities lifted their price objective on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $11.00 target price on shares of Cipher Mining in a report on Tuesday, January 7th. Ten investment 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.com, the stock presently has an average rating of “Buy” and an average target price of $8.25.

Insiders Place Their Bets

In other news, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the transaction, the insider now directly owns 98,747,588 shares of the company’s stock, valued at $651,734,080.80. The trade was a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,356,881 shares of company stock worth $8,608,389. Corporate insiders own 2.25% of the company’s stock.

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.