Mirae Asset Global Investments Co. Ltd. Reduces Stock Position in Cipher Mining Inc. (NASDAQ:CIFR)

Mirae Asset Global Investments Co. Ltd. cut its stake in Cipher Mining Inc. (NASDAQ:CIFR) by 25.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 699,247 shares of the company’s stock after selling 237,715 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Cipher Mining were worth $2,888,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Bellecapital International Ltd. purchased a new stake in shares of Cipher Mining in the fourth quarter valued at approximately $51,000. Exchange Traded Concepts LLC grew its position in shares of Cipher Mining by 107.4% in the fourth quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock valued at $2,862,000 after purchasing an additional 358,897 shares in the last quarter. Vanguard Group Inc. grew its position in Cipher Mining by 4.6% in the third quarter. Vanguard Group Inc. now owns 3,314,960 shares of the company’s stock worth $7,724,000 after acquiring an additional 146,165 shares during the period. American Century Companies Inc. grew its position in Cipher Mining by 63.3% in the third quarter. American Century Companies Inc. now owns 42,196 shares of the company’s stock worth $98,000 after acquiring an additional 16,358 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new position in Cipher Mining in the third quarter worth approximately $27,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CIFR has been the subject of several analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $5.00 price objective on shares of Cipher Mining in a research report on Thursday, March 28th. HC Wainwright reiterated a “buy” rating and issued a $4.50 price objective on shares of Cipher Mining in a research report on Tuesday, March 5th. Needham & Company LLC reiterated a “buy” rating and issued a $5.00 price objective on shares of Cipher Mining in a research report on Monday, March 18th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $5.50 price objective on shares of Cipher Mining in a research report on Thursday, March 28th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Cipher Mining currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.25.

Cipher Mining Stock Up 1.8 %

NASDAQ:CIFR opened at $3.42 on Thursday. The company has a quick ratio of 4.60, a current ratio of 4.60 and a debt-to-equity ratio of 0.02. The stock’s fifty day moving average is $3.84 and its two-hundred day moving average is $3.35. Cipher Mining Inc. has a 52 week low of $1.76 and a 52 week high of $5.75. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of -34.20 and a beta of 2.22.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.12. The company had revenue of $43.42 million for the quarter, compared to analysts’ expectations of $35.73 million. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. Research analysts anticipate that Cipher Mining Inc. will post -0.15 EPS for the current 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.