Bank of America Corp DE increased its position in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 237.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,414,667 shares of the company's stock after buying an additional 995,735 shares during the period. Bank of America Corp DE owned about 0.35% of Cipher Mining worth $18,207,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in CIFR. Abel Hall LLC grew its holdings in Cipher Mining by 3.8% during the 1st quarter. Abel Hall LLC now owns 20,140 shares of the company's stock worth $259,000 after acquiring an additional 739 shares in the last quarter. CWM LLC raised its holdings in shares of Cipher Mining by 43.3% in the 4th quarter. CWM LLC now owns 2,661 shares of the company's stock valued at $39,000 after purchasing an additional 804 shares in the last quarter. Prospera Financial Services Inc lifted its position in shares of Cipher Mining by 6.7% in the 4th quarter. Prospera Financial Services Inc now owns 15,600 shares of the company's stock worth $230,000 after purchasing an additional 980 shares during the period. Arax Advisory Partners lifted its position in shares of Cipher Mining by 274.2% in the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company's stock worth $27,000 after purchasing an additional 1,338 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Cipher Mining by 31.9% during the first quarter. PNC Financial Services Group Inc. now owns 6,718 shares of the company's stock valued at $86,000 after purchasing an additional 1,623 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Cipher Mining
In other Cipher Mining news, CEO Tyler Page sold 112,500 shares of the business's stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the transaction, the chief executive officer owned 9,084,225 shares of the company's stock, valued at approximately $192,494,727.75. The trade was a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Cary M. Grossman sold 15,000 shares of the firm's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $29.43, for a total transaction of $441,450.00. Following the sale, the director owned 143,829 shares of the company's stock, valued at approximately $4,232,887.47. The trade was a 9.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 3,131,258 shares of company stock valued at $81,429,288. Company insiders own 3.09% of the company's stock.
Analyst Upgrades and Downgrades
CIFR has been the topic of a number of recent analyst reports. Needham & Company LLC upped their price target on Cipher Mining from $22.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, May 15th. JPMorgan Chase & Co. dropped their target price on Cipher Mining from $23.00 to $22.00 and set an "overweight" rating on the stock in a research note on Friday, August 7th. Keefe, Bruyette & Woods reduced their target price on Cipher Mining from $32.00 to $28.00 and set an "outperform" rating on the stock in a research report on Thursday, August 6th. Citigroup reiterated a "market outperform" rating on shares of Cipher Mining in a research note on Monday, August 10th. Finally, Jefferies Financial Group began coverage on Cipher Mining in a research note on Thursday, May 14th. They set a "buy" rating and a $32.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.61.
Check Out Our Latest Stock Report on CIFR
Cipher Mining Price Performance
NASDAQ:CIFR opened at $15.89 on Thursday. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00. The company has a 50 day moving average price of $21.82 and a 200-day moving average price of $19.08. Cipher Mining Inc. has a 1-year low of $5.32 and a 1-year high of $30.14. The firm has a market cap of $6.59 billion, a price-to-earnings ratio of -5.56 and a beta of 3.20.
Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.40). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The business had revenue of $24.84 million during the quarter, compared to analyst estimates of $31.86 million. During the same period in the previous year, the business posted ($0.12) earnings per share. Equities research analysts forecast that Cipher Mining Inc. will post -1.37 EPS for the current year.
Cipher Mining Company Profile
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Free Report)
Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.
Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.
Further Reading
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