Geode Capital Management LLC Boosts Stake in Cipher Mining Inc. (NASDAQ:CIFR)

Geode Capital Management LLC boosted its position in Cipher Mining Inc. (NASDAQ:CIFR) by 4.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,727,990 shares of the company’s stock after purchasing an additional 218,137 shares during the period. Geode Capital Management LLC owned about 1.65% of Cipher Mining worth $26,583,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CIFR. Xponance Inc. lifted its stake in shares of Cipher Mining by 17.8% during the fourth quarter. Xponance Inc. now owns 14,151 shares of the company’s stock valued at $66,000 after buying an additional 2,140 shares during the period. Tobam raised its holdings in Cipher Mining by 22.7% in the fourth quarter. Tobam now owns 18,023 shares of the company’s stock valued at $84,000 after acquiring an additional 3,336 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Cipher Mining by 14.4% during the fourth quarter. Victory Capital Management Inc. now owns 29,747 shares of the company’s stock worth $138,000 after purchasing an additional 3,751 shares during the last quarter. Navellier & Associates Inc. increased its holdings in shares of Cipher Mining by 11.6% in the 4th quarter. Navellier & Associates Inc. now owns 36,274 shares of the company’s stock valued at $168,000 after acquiring an additional 3,756 shares during the last quarter. Finally, Corebridge Financial Inc. lifted its position in shares of Cipher Mining by 4.3% in the 4th quarter. Corebridge Financial Inc. now owns 100,691 shares of the company’s stock worth $467,000 after buying an additional 4,162 shares during the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Cipher Mining Price Performance

NASDAQ CIFR opened at $2.37 on Friday. The company has a market cap of $871.28 million, a P/E ratio of -18.23 and a beta of 2.65. The company has a fifty day simple moving average of $3.51 and a 200 day simple moving average of $4.86. Cipher Mining Inc. has a 1 year low of $1.86 and a 1 year high of $7.99. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CIFR shares. Rosenblatt Securities assumed coverage on Cipher Mining in a research report on Friday, March 7th. They issued a “buy” rating and a $6.50 target price on the stock. HC Wainwright reiterated a “buy” rating and issued a $8.00 target price on shares of Cipher Mining in a report on Wednesday, February 26th. Needham & Company LLC dropped their price target on Cipher Mining from $7.50 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $8.00 target price on shares of Cipher Mining in a research report on Wednesday, February 26th. Finally, Keefe, Bruyette & Woods began coverage on shares of Cipher Mining in a research note on Wednesday, January 8th. They set an “outperform” rating for the company. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $8.13.

Cipher Mining Company 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.