Van ECK Associates Corp Decreases Position in Cipher Mining Inc. (NASDAQ:CIFR)

Van ECK Associates Corp reduced its stake in Cipher Mining Inc. (NASDAQ:CIFR) by 8.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,579,068 shares of the company’s stock after selling 321,151 shares during the period. Van ECK Associates Corp owned 1.03% of Cipher Mining worth $16,607,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new position in shares of Cipher Mining during the third quarter worth about $49,000. Creative Planning grew its stake in Cipher Mining by 106.0% during the 3rd quarter. Creative Planning now owns 51,492 shares of the company’s stock worth $188,000 after buying an additional 26,498 shares during the last quarter. Private Advisor Group LLC increased its position in Cipher Mining by 43.5% during the third quarter. Private Advisor Group LLC now owns 105,540 shares of the company’s stock worth $408,000 after buying an additional 32,000 shares during the period. Vima LLC lifted its stake in Cipher Mining by 11.3% in the third quarter. Vima LLC now owns 24,656 shares of the company’s stock valued at $95,000 after buying an additional 2,504 shares during the last quarter. Finally, Strategic Blueprint LLC boosted its holdings in shares of Cipher Mining by 33.3% in the third quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock valued at $77,000 after acquiring an additional 5,000 shares during the period. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Price Performance

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

Analysts Set New Price Targets

Several research firms recently commented on CIFR. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a research report on Friday, January 31st. BTIG Research upped their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. Keefe, Bruyette & Woods assumed coverage on Cipher Mining in a report on Wednesday, January 8th. They set an “outperform” rating on the stock. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective for the company in a research note on Tuesday, December 10th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a report on Friday, November 1st. Ten investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $8.14.

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.