JPMorgan Chase & Co. Grows Stake in Cipher Mining Inc. (NASDAQ:CIFR)

JPMorgan Chase & Co. raised its position in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 510.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 954,209 shares of the company's stock after buying an additional 797,824 shares during the quarter. JPMorgan Chase & Co. owned about 0.27% of Cipher Mining worth $4,428,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Parametrica Management Ltd bought a new position in shares of Cipher Mining in the 4th quarter valued at $97,000. EntryPoint Capital LLC bought a new position in Cipher Mining in the 4th quarter valued at approximately $382,000. Corebridge Financial Inc. grew its position in Cipher Mining by 4.3% during the 4th quarter. Corebridge Financial Inc. now owns 100,691 shares of the company's stock worth $467,000 after acquiring an additional 4,162 shares during the last quarter. Vanguard Group Inc. increased its holdings in Cipher Mining by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company's stock worth $84,318,000 after purchasing an additional 1,189,756 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in Cipher Mining in the 4th quarter worth about $221,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. downgraded Cipher Mining from an "overweight" rating to a "neutral" rating in a research report on Thursday, March 13th. Needham & Company LLC cut their price target on shares of Cipher Mining from $7.50 to $7.00 and set a "buy" rating on the stock in a research report on Wednesday, February 26th. Canaccord Genuity Group reiterated a "buy" rating and issued a $8.00 target price on shares of Cipher Mining in a report on Wednesday, February 26th. HC Wainwright restated a "buy" rating and issued a $8.00 target price on shares of Cipher Mining in a research note on Wednesday, February 26th. Finally, Keefe, Bruyette & Woods assumed coverage on Cipher Mining in a research note on Wednesday, January 8th. They set an "outperform" rating on the stock. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Cipher Mining has a consensus rating of "Buy" and a consensus target price of $8.13.

Cipher Mining Trading Up 5.6 %

CIFR stock traded up $0.16 during trading on Thursday, hitting $3.02. 3,872,682 shares of the company traded hands, compared to its average volume of 10,806,243. The firm has a market capitalization of $1.11 billion, a PE ratio of -22.88 and a beta of 2.65. Cipher Mining Inc. has a 1 year low of $1.86 and a 1 year high of $7.99. The company has a 50-day moving average of $3.24 and a 200-day moving average of $4.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57.

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.