Cipher Mining Inc. (NASDAQ:CIFR) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its position in Cipher Mining Inc. (NASDAQ:CIFR) by 21.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 120,489 shares of the company’s stock after acquiring an additional 21,548 shares during the period. The Manufacturers Life Insurance Company’s holdings in Cipher Mining were worth $559,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of CIFR. V3 Holding Ltd purchased a new stake in shares of Cipher Mining during the fourth quarter worth about $452,713,000. Helix Partners Management LP purchased a new stake in shares of Cipher Mining during the fourth quarter worth about $10,426,000. Vanguard Group Inc. increased its stake in shares of Cipher Mining by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company’s stock worth $84,318,000 after purchasing an additional 1,189,756 shares in the last quarter. Invesco Ltd. increased its stake in shares of Cipher Mining by 16.7% during the fourth quarter. Invesco Ltd. now owns 6,443,723 shares of the company’s stock worth $29,899,000 after purchasing an additional 924,262 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Cipher Mining by 510.2% during the fourth quarter. JPMorgan Chase & Co. now owns 954,209 shares of the company’s stock worth $4,428,000 after purchasing an additional 797,824 shares in the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Stock Performance

Shares of CIFR stock opened at $3.86 on Friday. The company’s fifty day simple moving average is $2.78 and its 200-day simple moving average is $4.63. Cipher Mining Inc. has a 52 week low of $1.86 and a 52 week high of $7.99. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The company has a market cap of $1.43 billion, a PE ratio of -29.69 and a beta of 2.61.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.11). The business had revenue of $48.96 million during the quarter, compared to analyst estimates of $53.57 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. As a group, equities research analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on CIFR. Cantor Fitzgerald decreased their price objective on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. HC Wainwright reaffirmed a “buy” rating on shares of Cipher Mining in a research note on Tuesday, May 6th. JPMorgan Chase & Co. downgraded shares of Cipher Mining from an “overweight” rating to a “neutral” rating in a report on Thursday, March 13th. Rosenblatt Securities reiterated a “buy” rating and issued a $5.50 price objective on shares of Cipher Mining in a report on Wednesday, May 7th. Finally, Needham & Company LLC cut their price objective on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Cipher Mining has an average rating of “Buy” and a consensus target price of $8.03.

About Cipher Mining

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.