Cipher Mining Inc. (NASDAQ:CIFR) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp cut its holdings in Cipher Mining Inc. (NASDAQ:CIFR) by 8.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,579,068 shares of the company’s stock after selling 321,151 shares during the quarter. Van ECK Associates Corp’s holdings in Cipher Mining were worth $16,607,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. State Street Corp raised its stake in Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after purchasing an additional 1,019,949 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Cipher Mining by 37.8% in the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after buying an additional 1,511,455 shares during the last quarter. Tidal Investments LLC lifted its stake in shares of Cipher Mining by 73.4% during the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after buying an additional 1,584,874 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Cipher Mining by 71.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,356,044 shares of the company’s stock worth $9,118,000 after acquiring an additional 977,963 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its stake in Cipher Mining by 11.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,471,822 shares of the company’s stock worth $6,829,000 after acquiring an additional 147,915 shares during the period. 12.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CIFR has been the topic of a number of recent analyst reports. BTIG Research increased their price target on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods assumed coverage on Cipher Mining in a research note on Wednesday, January 8th. They issued an “outperform” rating on the stock. Northland Securities upped their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Finally, Macquarie upped their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Ten analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $8.14.

Cipher Mining Price Performance

Cipher Mining stock opened at $6.06 on Friday. The firm has a fifty day moving average of $5.54 and a 200-day moving average of $4.98. Cipher Mining Inc. has a 52-week low of $2.65 and a 52-week high of $7.99. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $2.11 billion, a P/E ratio of -46.61 and a beta of 2.41.

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.