Drive Wealth Management LLC Takes $370,000 Position in Cipher Mining Inc. (NASDAQ:CIFR)

Drive Wealth Management LLC bought a new stake in Cipher Mining Inc. (NASDAQ:CIFR) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 95,720 shares of the company’s stock, valued at approximately $370,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Millennium Management LLC raised its stake in Cipher Mining by 122.8% in the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after acquiring an additional 2,938,184 shares during the period. Vanguard Group Inc. increased its holdings in shares of Cipher Mining by 62.0% in the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after purchasing an additional 2,164,383 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Cipher Mining by 41.5% in the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after purchasing an additional 1,144,390 shares during the period. Vident Advisory LLC lifted its stake in shares of Cipher Mining by 94.9% during the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock worth $11,537,000 after buying an additional 1,090,811 shares during the last quarter. Finally, Dimensional Fund Advisors LP bought a new stake in shares of Cipher Mining during the 2nd quarter worth about $2,142,000. Institutional investors own 12.26% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on CIFR. Needham & Company LLC restated a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Northland Capmk raised Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. BTIG Research lifted their target price on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a report on Friday. Finally, Northland Securities started coverage on shares of Cipher Mining in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price target on the stock. Eight research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Cipher Mining presently has an average rating of “Buy” and an average price target of $7.72.

Cipher Mining Stock Performance

Shares of Cipher Mining stock opened at $6.53 on Tuesday. The company has a 50 day moving average of $4.61 and a 200-day moving average of $4.44. The company has a market cap of $2.27 billion, a PE ratio of -50.38 and a beta of 2.18. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. Cipher Mining Inc. has a 1-year low of $2.15 and a 1-year high of $7.99.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share 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 business 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 business posted ($0.07) EPS. As a group, equities research analysts forecast that Cipher Mining Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $2.74, for a total value of $5,209,046.88. Following the completion of the sale, the insider now directly owns 103,946,004 shares in the company, valued at $284,812,050.96. This represents a 1.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the transaction, the chief operating officer now directly owns 664,270 shares in the company, valued at $4,756,173.20. The trade was a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,296,839 shares of company stock worth $25,974,602 in the last three months. 2.25% of the stock is owned by corporate insiders.

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.