Maridea Wealth Management LLC Takes Position in Cipher Mining Inc. (NASDAQ:CIFR)

Maridea Wealth Management LLC acquired a new stake in Cipher Mining Inc. (NASDAQ:CIFR) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 204,611 shares of the company’s stock, valued at approximately $949,000. Maridea Wealth Management LLC owned 0.06% of Cipher Mining at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Victory Capital Management Inc. lifted its stake in shares of Cipher Mining by 8.8% during the third quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock valued at $101,000 after acquiring an additional 2,101 shares during the period. Intech Investment Management LLC acquired a new position in shares of Cipher Mining during the 3rd quarter worth approximately $133,000. Charles Schwab Investment Management Inc. raised 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 in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Cipher Mining by 47.4% in the third quarter. The Manufacturers Life Insurance Company now owns 98,941 shares of the company’s stock valued at $383,000 after acquiring an additional 31,815 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Cipher Mining in the 3rd quarter valued at about $117,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CIFR has been the topic of a number of research analyst reports. Needham & Company LLC dropped their price target on Cipher Mining from $7.50 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods began coverage on Cipher Mining in a research report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Cantor Fitzgerald dropped their price target on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $8.00 price objective on shares of Cipher Mining in a report on Wednesday, February 26th. Finally, Rosenblatt Securities started coverage on shares of Cipher Mining in a research report on Friday, March 7th. They set a “buy” rating and a $6.50 price target on the stock. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $8.13.

Cipher Mining Stock Down 8.7 %

Shares of CIFR opened at $2.32 on Friday. The firm has a 50 day simple moving average of $4.50 and a two-hundred day simple moving average of $4.98. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. Cipher Mining Inc. has a one year low of $2.28 and a one year high of $7.99. The company has a market cap of $852.90 million, a P/E ratio of -17.84 and a beta of 2.47.

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.