Wells Fargo & Company MN Grows Stock Holdings in Cipher Mining Inc. (NASDAQ:CIFR)

Wells Fargo & Company MN grew its position in Cipher Mining Inc. (NASDAQ:CIFR) by 56.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 114,524 shares of the company’s stock after acquiring an additional 41,261 shares during the period. Wells Fargo & Company MN’s holdings in Cipher Mining were worth $531,000 at the end of the most recent quarter.

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

Cipher Mining Stock Performance

NASDAQ CIFR opened at $3.16 on Friday. The business’s 50-day moving average price is $2.90 and its 200 day moving average price is $4.77. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. Cipher Mining Inc. has a twelve month low of $1.86 and a twelve month high of $7.99. The company has a market capitalization of $1.17 billion, a PE ratio of -24.31 and a beta of 2.65.

Analyst Ratings Changes

CIFR has been the topic of a number of recent research reports. Canaccord Genuity Group restated a “buy” rating and set a $8.00 target price on shares of Cipher Mining in a research note on Wednesday, February 26th. Needham & Company LLC dropped their price objective on shares of Cipher Mining from $7.50 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. JPMorgan Chase & Co. cut shares of Cipher Mining from an “overweight” rating to a “neutral” rating in a research report on Thursday, March 13th. Keefe, Bruyette & Woods started coverage on Cipher Mining in a report on Wednesday, January 8th. They issued an “outperform” rating on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $8.00 price target on shares of Cipher Mining in a report on Wednesday, February 26th. 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 company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target 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.