Cipher Mining Inc. $CIFR Shares Acquired by Harvest Portfolios Group Inc.

Harvest Portfolios Group Inc. increased its stake in shares of Cipher Mining Inc. (NASDAQ:CIFR) by 71.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 278,773 shares of the company’s stock after acquiring an additional 116,347 shares during the period. Harvest Portfolios Group Inc.’s holdings in Cipher Mining were worth $3,510,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Sherman Asset Management Inc. acquired a new stake in Cipher Mining during the 3rd quarter worth approximately $25,000. Hollencrest Capital Management acquired a new position in shares of Cipher Mining in the third quarter valued at approximately $31,000. Peterson Wealth Services acquired a new stake in shares of Cipher Mining during the third quarter worth $41,000. Steward Partners Investment Advisory LLC grew its position in Cipher Mining by 258.1% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company’s stock valued at $43,000 after buying an additional 6,516 shares during the last quarter. Finally, Maripau Wealth Management LLC purchased a new position in Cipher Mining in the 2nd quarter valued at $48,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Insider Buying and Selling

In other Cipher Mining news, COO Patrick Arthur Kelly sold 35,568 shares of Cipher Mining stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $17.76, for a total transaction of $631,687.68. Following the completion of the transaction, the chief operating officer owned 1,512,644 shares in the company, valued at approximately $26,864,557.44. The trade was a 2.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James E. Newsome sold 21,821 shares of the company’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $16.03, for a total transaction of $349,790.63. Following the completion of the sale, the director directly owned 172,492 shares in the company, valued at $2,765,046.76. This trade represents a 11.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 142,825 shares of company stock worth $2,319,720 in the last three months. Corporate insiders own 2.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CIFR shares. Needham & Company LLC reduced their target price on shares of Cipher Mining to $22.00 and set a “buy” rating for the company in a research note on Wednesday. Citizens Jmp set a $30.00 target price on Cipher Mining in a research report on Wednesday, November 19th. Morgan Stanley started coverage on Cipher Mining in a research note on Monday, February 9th. They set an “overweight” rating and a $38.00 target price for the company. HC Wainwright reduced their price target on Cipher Mining to $25.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Zacks Research lowered Cipher Mining from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 24th. Fourteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.46.

Cipher Mining Stock Performance

Shares of CIFR stock opened at $15.60 on Friday. The stock has a fifty day moving average price of $16.46 and a 200 day moving average price of $15.25. The company has a debt-to-equity ratio of 3.37, a quick ratio of 2.49 and a current ratio of 3.79. The stock has a market cap of $6.32 billion, a PE ratio of -7.22 and a beta of 2.95. Cipher Mining Inc. has a 1 year low of $1.86 and a 1 year high of $25.52.

Cipher Mining Company Profile

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.