Bank of New York Mellon Corp Buys 98,382 Shares of Cipher Mining Inc. (NASDAQ:CIFR)

Bank of New York Mellon Corp boosted its stake in Cipher Mining Inc. (NASDAQ:CIFR) by 19.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 596,507 shares of the company’s stock after buying an additional 98,382 shares during the period. Bank of New York Mellon Corp’s holdings in Cipher Mining were worth $2,768,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of CIFR. Nisa Investment Advisors LLC boosted its holdings in shares of Cipher Mining by 912.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after acquiring an additional 5,432 shares during the period. KBC Group NV acquired a new stake in Cipher Mining during the 4th quarter worth approximately $46,000. Apollon Wealth Management LLC acquired a new stake in Cipher Mining during the 4th quarter worth approximately $49,000. Verition Fund Management LLC boosted its stake in Cipher Mining by 30.7% in the 3rd quarter. Verition Fund Management LLC now owns 13,130 shares of the company’s stock valued at $51,000 after purchasing an additional 3,086 shares during the period. Finally, FNY Investment Advisers LLC acquired a new position in Cipher Mining in the 4th quarter valued at $51,000. 12.26% of the stock is owned by institutional investors.

Cipher Mining Stock Performance

Shares of NASDAQ:CIFR opened at $3.00 on Friday. The company’s 50 day simple moving average is $4.78 and its 200 day simple moving average is $4.99. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of -23.08 and a beta of 2.47. 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 1 year low of $2.66 and a 1 year high of $7.99.

Wall Street Analysts Forecast Growth

CIFR has been the subject of a number of research reports. Canaccord Genuity Group reissued a “buy” rating and set a $8.00 target price on shares of Cipher Mining in a report on Wednesday, February 26th. JPMorgan Chase & Co. cut shares of Cipher Mining from an “overweight” rating to a “neutral” rating in a research note on Thursday, March 13th. Cantor Fitzgerald decreased their target price on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th. Rosenblatt Securities began coverage on shares of Cipher Mining in a report on Friday, March 7th. They set a “buy” rating and a $6.50 target price on the stock. Finally, Keefe, Bruyette & Woods began coverage on Cipher Mining in a research note on Wednesday, January 8th. They issued an “outperform” rating for the company. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $8.13.

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.