200,000 Shares of Cipher Mining Inc. $CIFR Bought by Capelight Capital Asset Management LP

Key Points

• Capelight Capital Asset Management bought 200,000 Cipher Mining shares worth approximately $3.17 million, making CIFR its 27th-largest portfolio holding at 1.2% of assets.
• Institutional ownership reached 12.26% after several other investors increased or initiated positions in the bitcoin miner during the third quarter.
• Cipher Mining reported weaker-than-expected quarterly results, including a $0.65 loss per share versus a $0.25 consensus loss and revenue of $24.84 million versus $31.86 million expected. Despite the results, analysts maintain a “Moderate Buy” consensus with an average price target of $28.65.

Capelight Capital Asset Management LP purchased a new stake in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 200,000 shares of the company's stock, valued at approximately $3,165,000. Cipher Mining comprises approximately 1.2% of Capelight Capital Asset Management LP's portfolio, making the stock its 27th biggest position.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Wedbush Securities Inc. increased its position in shares of Cipher Mining by 8.6% in the third quarter. Wedbush Securities Inc. now owns 19,550 shares of the company's stock worth $309,000 after purchasing an additional 1,550 shares during the last quarter. Sterling Capital Management LLC lifted its position in Cipher Mining by 839.5% during the third quarter. Sterling Capital Management LLC now owns 11,208 shares of the company's stock valued at $177,000 after purchasing an additional 10,015 shares during the last quarter. Inspire Investing LLC bought a new stake in Cipher Mining during the third quarter valued at approximately $385,000. Royal Fund Management LLC purchased a new position in Cipher Mining in the 3rd quarter worth approximately $1,431,000. Finally, SBI Securities Co. Ltd. grew its stake in Cipher Mining by 36.8% in the 3rd quarter. SBI Securities Co. Ltd. now owns 6,749 shares of the company's stock worth $107,000 after buying an additional 1,817 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company's stock.

Cipher Mining Price Performance

Shares of CIFR opened at $7.94 on Monday. The firm has a market cap of $3.30 billion, a P/E ratio of -2.78 and a beta of 3.20. The stock has a 50 day simple moving average of $15.07 and a two-hundred day simple moving average of $19.10. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00. Cipher Mining Inc. has a 1 year low of $7.90 and a 1 year high of $30.14.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.40). The business had revenue of $24.84 million for the quarter, compared to analysts' expectations 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 last year, the business posted ($0.12) earnings per share. On average, analysts forecast that Cipher Mining Inc. will post -1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CIFR. HC Wainwright restated a "buy" rating on shares of Cipher Mining in a research report on Friday, September 25th. Rothschild & Co Redburn started coverage on shares of Cipher Mining in a research report on Monday, September 21st. They issued a "neutral" rating and a $18.00 target price for the company. Rosenblatt Securities reiterated a "buy" rating and issued a $30.00 target price on shares of Cipher Mining in a research report on Thursday, September 10th. Morgan Stanley reduced their target price on Cipher Mining from $54.00 to $51.50 and set an "overweight" rating on the stock in a research note on Monday, October 12th. Finally, Freedom Capital upgraded 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 issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Cipher Mining has an average rating of "Moderate Buy" and an average price target 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.

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