Drive Wealth Management LLC Acquires 5,489 Shares of Cipher Mining Inc. (NASDAQ:CIFR)

Drive Wealth Management LLC increased its holdings in shares of Cipher Mining Inc. (NASDAQ:CIFR) by 5.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,209 shares of the company’s stock after purchasing an additional 5,489 shares during the period. Drive Wealth Management LLC’s holdings in Cipher Mining were worth $470,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Amalgamated Bank lifted its holdings in shares of Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in Cipher Mining by 912.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock valued at $28,000 after acquiring an additional 5,432 shares in the last quarter. Farther Finance Advisors LLC bought a new stake in Cipher Mining in the 3rd quarter valued at approximately $33,000. Xponance Inc. bought a new stake in Cipher Mining in the 2nd quarter valued at approximately $45,000. Finally, W Advisors LLC bought a new stake in Cipher Mining in the 3rd quarter valued at approximately $45,000. Institutional investors own 12.26% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on CIFR. Macquarie boosted their target price on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Keefe, Bruyette & Woods started coverage on Cipher Mining in a research note on Wednesday, January 8th. They set an “outperform” rating on the stock. BTIG Research upped their price objective on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Cipher Mining has a consensus rating of “Buy” and an average price target of $8.25.

Insider Buying and Selling at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the sale, the insider now directly owns 98,747,588 shares of the company’s stock, valued at approximately $651,734,080.80. This represents a 0.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the sale, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 356,881 shares of company stock valued at $2,388,389 in the last ninety days. 2.25% of the stock is currently owned by corporate insiders.

Cipher Mining Price Performance

CIFR stock opened at $5.90 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. Cipher Mining Inc. has a 1-year low of $2.15 and a 1-year high of $7.99. The business’s 50 day simple moving average is $5.84 and its 200 day simple moving average is $5.01.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The firm had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. During the same period in the prior year, the company earned ($0.07) earnings per share. As a group, analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

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.