Renaissance Technologies LLC acquired a new position in shares of Cipher Mining Inc. (NASDAQ:CIFR – Free Report) in the first quarter, HoldingsChannel reports. The institutional investor acquired 1,902,567 shares of the company’s stock, valued at approximately $24,486,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Los Angeles Capital Management LLC bought a new position in shares of Cipher Mining during the fourth quarter worth approximately $25,000. Arax Advisory Partners boosted its stake in Cipher Mining by 274.2% in the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after purchasing an additional 1,338 shares during the period. GAMMA Investing LLC grew its holdings in Cipher Mining by 218.3% in the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after buying an additional 1,286 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Cipher Mining in the 4th quarter valued at $28,000. Finally, Danske Bank A S increased its position in Cipher Mining by 1,150.0% during the 4th quarter. Danske Bank A S now owns 2,500 shares of the company’s stock worth $37,000 after buying an additional 2,300 shares during the period. Institutional investors and hedge funds own 12.26% of the company’s stock.
Analysts Set New Price Targets
A number of research firms have recently weighed in on CIFR. Sanford C. Bernstein began coverage on Cipher Mining in a report on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 target price for the company. Needham & Company LLC raised their price target on shares of Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Keefe, Bruyette & Woods lifted their price objective on shares of Cipher Mining from $27.00 to $32.00 and gave the stock an “outperform” rating in a research note on Tuesday. Cantor Fitzgerald dropped their price objective on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Cipher Mining currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.74.
Cipher Mining Trading Down 13.4%
Shares of Cipher Mining stock opened at $17.69 on Thursday. The company has a market capitalization of $7.24 billion, a price-to-earnings ratio of -7.59 and a beta of 3.18. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13. Cipher Mining Inc. has a 12-month low of $4.55 and a 12-month high of $30.14. The firm’s 50-day moving average price is $23.31 and its two-hundred day moving average price is $19.00.
Cipher Mining (NASDAQ:CIFR – Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). The firm had revenue of $34.84 million during the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. Cipher Mining’s quarterly revenue was down 28.8% on a year-over-year basis. On average, analysts forecast that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.
Insider Buying and Selling at Cipher Mining
In related news, Director Cary M. Grossman sold 15,000 shares of Cipher Mining stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $29.43, for a total value of $441,450.00. Following the transaction, the director directly owned 143,829 shares of the company’s stock, valued at $4,232,887.47. This trade represents a 9.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Holding Ltd V3 sold 1,200,000 shares of the company’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $25.49, for a total value of $30,588,000.00. Following the sale, the insider owned 58,316,694 shares of the company’s stock, valued at $1,486,492,530.06. The trade was a 2.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 3,245,336 shares of company stock worth $83,803,938 in the last three months. Company insiders own 2.63% of the company’s stock.
About Cipher Mining
Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.
Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.
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