Alyeska Investment Group L.P. Takes Position in Cipher Mining Inc. $CIFR

Key Points

• Alyeska Investment Group L.P. invested approximately $7.09 million in Cipher Mining Inc., acquiring 3,084,284 shares, which represents about 0.83% of the company.
• Cipher Mining recently reported revenues of $43.57 million for the quarter, falling short of analysts' expectations of $51.89 million, and had a negative net margin of 96.95%.
• Several analysts have adjusted their price targets for Cipher Mining, with Canaccord Genuity raising it to $9.00 and Macquarie increasing it to $8.00, reflecting a generally positive outlook on the stock.

Alyeska Investment Group L.P. purchased a new position in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 3,084,284 shares of the company's stock, valued at approximately $7,094,000. Alyeska Investment Group L.P. owned about 0.83% of Cipher Mining at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Stifel Financial Corp acquired a new position in Cipher Mining during the 4th quarter worth $153,000. Price T Rowe Associates Inc. MD lifted its position in shares of Cipher Mining by 32.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 78,592 shares of the company's stock worth $365,000 after purchasing an additional 19,080 shares during the last quarter. Voya Investment Management LLC grew its stake in Cipher Mining by 3.6% in the fourth quarter. Voya Investment Management LLC now owns 59,135 shares of the company's stock worth $274,000 after purchasing an additional 2,036 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Cipher Mining by 21.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 120,489 shares of the company's stock valued at $559,000 after buying an additional 21,548 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Cipher Mining by 14.2% in the fourth quarter. Northern Trust Corp now owns 1,839,837 shares of the company's stock valued at $8,537,000 after buying an additional 228,569 shares during the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Macquarie lifted their target price on Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Jones Trading assumed coverage on Cipher Mining in a research note on Monday, July 21st. They set a "hold" rating on the stock. Cantor Fitzgerald lifted their price objective on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a report on Thursday, June 5th. Finally, Canaccord Genuity Group boosted their target price on shares of Cipher Mining from $8.00 to $9.00 and gave the company a "buy" rating in a research note on Tuesday, August 19th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $7.67.

Insider Activity

In related news, COO Patrick Arthur Kelly sold 44,871 shares of the stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $5.20, for a total value of $233,329.20. Following the completion of the transaction, the chief operating officer directly owned 1,089,260 shares of the company's stock, valued at $5,664,152. This represents a 3.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Cary M. Grossman sold 75,000 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $5.89, for a total value of $441,750.00. Following the transaction, the director owned 225,530 shares of the company's stock, valued at $1,328,371.70. This trade represents a 24.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,966,662 shares of company stock worth $52,134,046 in the last 90 days. 2.89% of the stock is currently owned by insiders.

Cipher Mining Stock Performance

NASDAQ:CIFR traded down $0.28 during midday trading on Thursday, reaching $9.97. 39,727,521 shares of the company traded hands, compared to its average volume of 34,347,800. The firm has a market capitalization of $3.92 billion, a price-to-earnings ratio of -23.19 and a beta of 2.76. The company has a fifty day moving average price of $6.39 and a 200 day moving average price of $4.37. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18. Cipher Mining Inc. has a twelve month low of $1.86 and a twelve month high of $10.68.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, hitting the consensus estimate of ($0.12). Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%.The firm had revenue of $43.57 million for the quarter, compared to analyst estimates of $51.89 million. On average, analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

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.