Cipher Mining Inc. $CIFR Stock: CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Grows Holdings

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in shares of Cipher Mining Inc. (NASDAQ:CIFR) by 61.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 348,000 shares of the company’s stock after buying an additional 133,000 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Cipher Mining were worth $5,507,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. CoreCap Advisors LLC grew its stake in shares of Cipher Mining by 41.7% in the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock worth $42,000 after purchasing an additional 500 shares during the last quarter. Abel Hall LLC raised its position in Cipher Mining by 3.8% during the 1st quarter. Abel Hall LLC now owns 20,140 shares of the company’s stock valued at $259,000 after purchasing an additional 739 shares during the last quarter. Rathbones Group PLC raised its position in Cipher Mining by 7.0% during the 1st quarter. Rathbones Group PLC now owns 11,495 shares of the company’s stock valued at $148,000 after purchasing an additional 750 shares during the last quarter. DKM Wealth Management Inc. lifted its holdings in Cipher Mining by 5.8% in the 3rd quarter. DKM Wealth Management Inc. now owns 14,152 shares of the company’s stock worth $224,000 after buying an additional 771 shares during the period. Finally, Navellier & Associates Inc. lifted its holdings in Cipher Mining by 3.7% in the 2nd quarter. Navellier & Associates Inc. now owns 25,230 shares of the company’s stock worth $618,000 after buying an additional 901 shares during the period. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Price Performance

Shares of NASDAQ CIFR opened at $7.71 on Tuesday. Cipher Mining Inc. has a twelve month low of $7.46 and a twelve month high of $30.14. The company has a 50 day moving average of $15.07 and a 200 day moving average of $17.97. The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The business had revenue of $24.84 million for the quarter, compared to the consensus estimate of $31.86 million. During the same period in the previous year, the company earned ($0.12) earnings per share. As a group, equities research analysts predict that Cipher Mining Inc. will post -1.36 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. cut their price objective on Cipher Mining from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Rothschild & Co Redburn began coverage on Cipher Mining in a research note on Monday, September 21st. They issued a “neutral” rating and a $18.00 price target for the company. Freedom Capital upgraded shares of Cipher Mining to a “hold” rating in a report on Friday, September 18th. HC Wainwright reiterated a “buy” rating on shares of Cipher Mining in a report on Friday, September 25th. Finally, Wells Fargo & Company started coverage on shares of Cipher Mining in a research report on Thursday, September 17th. They set an “overweight” rating and a $25.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Cipher Mining presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.65.

Cipher Mining Profile

Cipher Mining Inc (NASDAQ: CIFR) is a bitcoin mining company that develops and operates large-scale data center infrastructure in the United States. The company uses specialized application-specific integrated circuit (ASIC) computers to validate transactions on the Bitcoin network and earn bitcoin rewards.

Cipher focuses on securing access to cost-effective power, building and managing mining facilities, and deploying high-performance computing equipment. Its operations are supported by power infrastructure, cooling systems, networking equipment and other data center technologies required for energy-intensive digital asset mining.

The company was formed through the combination of Cipher Mining Technologies Inc and Good Works Acquisition Corp.