Royal Fund Management LLC Buys 90,400 Shares of Cipher Mining Inc. $CIFR

Royal Fund Management LLC acquired a new stake in shares of Cipher Mining Inc. (NASDAQ:CIFR) in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund acquired 90,400 shares of the company’s stock, valued at approximately $1,431,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GK Wealth Management LLC purchased a new stake in Cipher Mining in the 3rd quarter worth $25,000. CoreCap Advisors LLC raised its stake in shares of Cipher Mining by 41.7% in the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock valued at $42,000 after acquiring an additional 500 shares during the period. Ancora Advisors LLC acquired a new position in Cipher Mining in the 2nd quarter valued at about $49,000. Harbor Investment Advisory LLC acquired a new stake in shares of Cipher Mining during the second quarter worth $58,000. Finally, EverSource Wealth Advisors LLC increased its stake in Cipher Mining by 259.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company’s stock valued at $43,000 after buying an additional 2,423 shares during the period. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Stock Down 4.6%

Shares of CIFR traded down $0.38 during mid-day trading on Friday, reaching $7.94. 30,415,996 shares of the stock traded hands, compared to its average volume of 45,396,772. The firm has a market cap of $3.30 billion, a price-to-earnings ratio of -2.78 and a beta of 3.20. The stock has a fifty day simple moving average of $15.07 and a 200 day simple moving average of $19.06. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69. Cipher Mining Inc. has a 12-month low of $7.90 and a 12-month high of $30.14.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). The company had revenue of $24.84 million for the quarter, compared to analyst estimates of $31.86 million. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%. During the same period in the previous year, the business posted ($0.12) EPS. Sell-side analysts expect that Cipher Mining Inc. will post -1.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cipher Mining in a report on Monday, September 21st. UBS Group initiated coverage on shares of Cipher Mining in a report on Wednesday, September 23rd. They set a “buy” rating and a $23.00 target price for the company. HC Wainwright reiterated a “buy” rating on shares of Cipher Mining in a report on Friday, September 25th. JPMorgan Chase & Co. dropped their price objective on Cipher Mining from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Finally, Freedom Capital raised Cipher Mining to a “hold” rating in a research report on Friday, September 18th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $28.65.

Cipher Mining Company Profile

Cipher Mining Inc (NASDAQ: CIFR) is a bitcoin mining company that develops and operates large-scale data center infrastructure in the United States. The company uses specialized application-specific integrated circuit (ASIC) computers to validate transactions on the Bitcoin network and earn bitcoin rewards.

Cipher focuses on securing access to cost-effective power, building and managing mining facilities, and deploying high-performance computing equipment. Its operations are supported by power infrastructure, cooling systems, networking equipment and other data center technologies required for energy-intensive digital asset mining.

The company was formed through the combination of Cipher Mining Technologies Inc and Good Works Acquisition Corp.