Tyche Wealth Partners LLC Takes Position in Cipher Mining Inc. (NASDAQ:CIFR)

Tyche Wealth Partners LLC purchased a new stake in Cipher Mining Inc. (NASDAQ:CIFR) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 52,500 shares of the company’s stock, valued at approximately $217,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CIFR. American International Group Inc. acquired a new position in shares of Cipher Mining in the 2nd quarter valued at $25,000. New York State Common Retirement Fund increased its holdings in 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 in the last quarter. The Manufacturers Life Insurance Company bought a new position in Cipher Mining during the 3rd quarter worth about $27,000. JPMorgan Chase & Co. increased its holdings in 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 in the last quarter. Finally, Squarepoint Ops LLC bought a new position in Cipher Mining during the 1st quarter worth about $30,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Stock Up 7.6 %

Shares of NASDAQ:CIFR opened at $3.68 on Friday. Cipher Mining Inc. has a 52-week low of $1.76 and a 52-week high of $5.75. The company has a 50-day simple moving average of $3.86 and a 200 day simple moving average of $3.35. The company has a current ratio of 4.60, a quick ratio of 4.60 and a debt-to-equity ratio of 0.02.

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

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CIFR. Needham & Company LLC reiterated a “buy” rating and set a $5.00 target price on shares of Cipher Mining in a report on Monday, March 18th. Cantor Fitzgerald restated an “overweight” rating and set a $5.00 price objective on shares of Cipher Mining in a research note on Thursday, March 28th. HC Wainwright restated a “buy” rating and set a $4.50 price objective on shares of Cipher Mining in a research note on Tuesday, March 5th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $5.50 price objective on shares of Cipher Mining in a research note on Thursday, March 28th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $5.25.

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.