Private Advisor Group LLC Increases Stake in Cipher Mining Inc.

Private Advisor Group LLC has significantly increased its investment in Cipher Mining Inc. (NASDAQ:CIFR). According to the latest Form 13F filing with the Securities and Exchange Commission (SEC), the firm raised its stake by an impressive 90.4% during the fourth quarter. Following this transaction, Private Advisor Group LLC now owns a total of 200,940 shares of Cipher Mining's stock, having acquired an additional 95,400 shares during that period. The total value of their holdings in Cipher Mining stands at approximately $932,000, representing about 0.06% of the company's total shares.

In addition to Private Advisor Group LLC, several other institutional investors have also increased their positions in Cipher Mining. The New York State Common Retirement Fund raised its holdings by 70.8% in the fourth quarter, now owning 55,982 shares valued at $260,000 after acquiring 23,200 additional shares. Moreover, Rhumbline Advisers boosted its stake by 23.1%, resulting in ownership of 270,106 shares valued at $1,253,000. Apollon Wealth Management LLC joined the mix by purchasing a new stake valued at $49,000 in Cipher Mining during the fourth quarter. Additionally, Tobam elevated its holdings by 22.7%, totaling 18,023 shares worth $84,000 after acquiring 3,336 additional shares. Lastly, TRU Independence Asset Management 2 LLC increased its stake by 66.9%, resulting in ownership of 56,760 shares valued at $263,000 after purchasing 22,760 more shares. Collectively, institutional investors hold 12.26% of Cipher Mining's stock.

Cipher Mining's Stock Performance

The stock of Cipher Mining opened at $4.08 on Friday, showing a notable range in its price over the past year, with a low of $2.65 and a high of $7.99. The fifty-day moving average stands at $5.28, while the 200-day moving average is at $5.03. The company has a market capitalization of $1.42 billion, a price-to-earnings (P/E) ratio of -31.38, and a beta of 2.41. Furthermore, Cipher Mining displays a current ratio and a quick ratio of 2.57, alongside a debt-to-equity ratio of 0.01.

Analyst Ratings and Market Insights

Cipher Mining has attracted attention from several analysts in recent weeks. Canaccord Genuity Group maintained a "buy" rating on the stock, setting a price target of $8.00. BTIG Research raised its price target from $6.00 to $9.00 and also recommended a "buy" rating. Additionally, JPMorgan Chase & Co. upgraded Cipher Mining from "neutral" to "overweight," with a projected price of $8.00. Macquarie increased its target from $6.00 to $7.25, giving it an "outperform" rating. Finally, HC Wainwright reiterated a "buy" rating with an $8.00 target price. Overall, ten analysts have issued buy ratings, while two have assigned a strong buy rating, leading to a consensus rating of "Buy" and a consensus target price of $8.31, according to MarketBeat.

Overview of Cipher Mining Inc.

Cipher Mining Inc. focuses on developing and operating industrial-scale bitcoin mining data centers across the United States. The company was incorporated in 2020 and is based in New York, New York. It operates as a subsidiary of Bitfury Holding B.V.

For further insights about the cryptocurrency market, consider reading up on why bitcoin miners have stopped rallying alongside bitcoin prices.

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