Drive Wealth Management LLC Purchases New Holdings in Cipher Mining Inc. (NASDAQ:CIFR)

Drive Wealth Management LLC acquired a new position in Cipher Mining Inc. (NASDAQ:CIFR) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 95,720 shares of the company’s stock, valued at approximately $370,000.

Several other large investors have also recently bought and sold shares of CIFR. Vanguard Group Inc. lifted its holdings in 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 buying an additional 2,164,383 shares during the period. Dark Forest Capital Management LP bought a new stake in shares of Cipher Mining during the 2nd quarter valued at $1,332,000. Swiss National Bank lifted its stake in shares of Cipher Mining by 27.0% in the 1st quarter. Swiss National Bank now owns 125,600 shares of the company’s stock valued at $647,000 after purchasing an additional 26,700 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Cipher Mining by 243.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock worth $2,279,000 after purchasing an additional 389,079 shares during the last quarter. Finally, Duncan Williams Asset Management LLC bought a new stake in Cipher Mining in the third quarter valued at about $553,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Insider Transactions at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 53,161 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the sale, the chief operating officer now owns 664,270 shares in the company, valued at approximately $4,756,173.20. This represents a 7.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total value of $5,741,358.24. Following the completion of the transaction, the insider now owns 107,748,228 shares of the company’s stock, valued at approximately $325,399,648.56. This represents a 1.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,296,839 shares of company stock valued at $25,974,602 in the last ninety days. 2.25% of the stock is currently owned by corporate insiders.

Cipher Mining Price Performance

CIFR stock opened at $6.53 on Tuesday. The stock has a 50-day moving average price of $4.61 and a two-hundred day moving average price of $4.44. Cipher Mining Inc. has a 1 year low of $2.15 and a 1 year high of $7.99. The stock 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 (NASDAQ:CIFR) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The firm had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same quarter in the previous year, the business posted ($0.07) earnings per share. Equities analysts forecast that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CIFR has been the topic of several analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a report on Thursday, October 3rd. Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Northland Securities began coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 target price on the stock. BTIG Research boosted their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Eight analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $7.72.

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.