Mirae Asset Global Investments Co. Ltd. Lowers Position in Cipher Mining Inc. (NASDAQ:CIFR)

Mirae Asset Global Investments Co. Ltd. cut its holdings in shares of Cipher Mining Inc. (NASDAQ:CIFR) by 25.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 699,247 shares of the company’s stock after selling 237,715 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.27% of Cipher Mining worth $2,888,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CIFR. American International Group Inc. bought a new stake in shares of Cipher Mining during the 2nd quarter worth $25,000. New York State Common Retirement Fund raised its stake in shares of Cipher Mining by 104.9% during the 3rd quarter. New York State Common Retirement Fund now owns 10,921 shares of the company’s stock worth $25,000 after purchasing an additional 5,592 shares during the period. The Manufacturers Life Insurance Company bought a new stake in shares of Cipher Mining during the 3rd quarter worth $27,000. JPMorgan Chase & Co. raised its stake in shares of Cipher Mining by 72.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 21,173 shares of the company’s stock worth $29,000 after purchasing an additional 8,896 shares during the period. Finally, Squarepoint Ops LLC bought a new stake in shares of Cipher Mining during the 1st quarter worth $30,000. 12.26% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price objective on shares of Cipher Mining in a report on Thursday, March 28th. HC Wainwright reissued a “buy” rating and issued a $4.50 price objective on shares of Cipher Mining in a report on Tuesday, March 5th. Needham & Company LLC reissued a “buy” rating and issued a $5.00 price objective on shares of Cipher Mining in a report on Monday, March 18th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $5.50 price objective on shares of Cipher Mining in a report on Thursday, March 28th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $5.25.

Cipher Mining Price Performance

CIFR opened at $3.42 on Thursday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.60 and a current ratio of 4.60. Cipher Mining Inc. has a 52-week low of $1.76 and a 52-week high of $5.75. The stock has a market capitalization of $1.01 billion, a PE ratio of -34.20 and a beta of 2.22. The stock’s 50 day moving average price is $3.84 and its 200-day moving average price is $3.35.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.12. The company had revenue of $43.42 million for the quarter, compared to analysts’ expectations of $35.73 million. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. On average, equities research analysts predict that Cipher Mining Inc. will post -0.15 EPS for the current year.

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.