Driehaus Capital Management LLC Invests $9.44 Million in Cipher Mining Inc. (NASDAQ:CIFR)

Driehaus Capital Management LLC purchased a new position in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,034,312 shares of the company's stock, valued at approximately $9,439,000. Driehaus Capital Management LLC owned approximately 0.58% of Cipher Mining as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of CIFR. Nisa Investment Advisors LLC boosted its stake in shares of Cipher Mining by 912.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company's stock valued at $28,000 after buying an additional 5,432 shares during the period. NewEdge Advisors LLC acquired a new stake in Cipher Mining in the 4th quarter valued at approximately $29,000. KBC Group NV acquired a new stake in Cipher Mining in the 4th quarter valued at approximately $46,000. Apollon Wealth Management LLC acquired a new stake in shares of Cipher Mining during the 4th quarter worth approximately $49,000. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Cipher Mining during the 4th quarter worth approximately $51,000. Institutional investors and hedge funds own 12.26% of the company's stock.

Cipher Mining Stock Down 3.8%

Shares of CIFR stock traded down $0.13 on Thursday, hitting $3.19. 13,332,098 shares of the stock were exchanged, compared to its average volume of 11,394,795. Cipher Mining Inc. has a fifty-two week low of $1.86 and a fifty-two week high of $7.99. The firm has a market capitalization of $1.18 billion, a P/E ratio of -24.58 and a beta of 2.61. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average of $2.77 and a 200 day moving average of $4.66.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.11). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The business had revenue of $48.96 million for the quarter, compared to analyst estimates of $53.57 million. Equities analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on CIFR. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $8.00 price target on shares of Cipher Mining in a research note on Thursday, May 8th. Cantor Fitzgerald cut their price objective on Cipher Mining from $11.00 to $10.00 and set an "overweight" rating for the company in a research report on Tuesday, February 4th. JPMorgan Chase & Co. downgraded Cipher Mining from an "overweight" rating to a "neutral" rating in a research report on Thursday, March 13th. Rosenblatt Securities restated a "buy" rating and set a $5.50 target price on shares of Cipher Mining in a research report on Wednesday, May 7th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Cipher Mining has a consensus rating of "Buy" and an average target price of $8.03.

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.