Baird Financial Group Inc. Invests $1.97 Million in Cipher Mining Inc. $CIFR

Key Points

• Baird Financial Group acquired 80,348 Cipher Mining shares worth approximately $1.97 million in the second quarter. Other institutional investors, including Wellington Management and Situational Awareness, also significantly increased their positions.
• Cipher Mining reported weaker-than-expected quarterly results, with a $0.65 loss per share versus a $0.25 consensus loss and revenue of $24.84 million versus expectations of $31.86 million.
• Despite the earnings miss and high volatility, analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $29, compared with the stock’s reported $16.94 opening price.

Baird Financial Group Inc. bought a new stake in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 80,348 shares of the company's stock, valued at approximately $1,969,000.

A number of other large investors have also recently made changes to their positions in CIFR. Situational Awareness LP boosted its holdings in shares of Cipher Mining by 82.4% in the fourth quarter. Situational Awareness LP now owns 10,469,093 shares of the company's stock valued at $154,524,000 after acquiring an additional 4,728,600 shares during the period. Geode Capital Management LLC grew its position in shares of Cipher Mining by 7.3% during the fourth quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company's stock worth $120,519,000 after acquiring an additional 558,105 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Cipher Mining by 1.9% in the 1st quarter. Janus Henderson Group PLC now owns 4,373,982 shares of the company's stock valued at $56,292,000 after acquiring an additional 81,192 shares during the period. Wellington Management Group LLP increased its holdings in shares of Cipher Mining by 567.1% in the 2nd quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company's stock valued at $97,652,000 after acquiring an additional 3,388,359 shares during the period. Finally, Jennison Associates LLC raised its position in Cipher Mining by 48.7% in the 1st quarter. Jennison Associates LLC now owns 2,519,281 shares of the company's stock valued at $32,423,000 after purchasing an additional 824,618 shares during the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

Cipher Mining Stock Performance

Shares of CIFR opened at $16.94 on Friday. The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00. The stock has a market capitalization of $7.03 billion, a P/E ratio of -5.92 and a beta of 3.15. The company's fifty day moving average is $18.34 and its two-hundred day moving average is $19.17. Cipher Mining Inc. has a 1 year low of $11.01 and a 1 year high of $30.14.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.40). The firm 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 quarter in the previous year, the company posted ($0.12) EPS. On average, sell-side analysts predict that Cipher Mining Inc. will post -1.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Wells Fargo & Company initiated coverage on shares of Cipher Mining in a research note on Thursday. They set an "overweight" rating and a $25.00 price target for the company. JPMorgan Chase & Co. dropped their price objective on shares of Cipher Mining from $23.00 to $22.00 and set an "overweight" rating on the stock in a research note on Friday, August 7th. Sanford C. Bernstein began coverage on shares of Cipher Mining in a report on Wednesday, June 3rd. They issued an "outperform" rating and a $32.00 target price for the company. Chardan Capital reiterated a "buy" rating and set a $32.00 target price on shares of Cipher Mining in a research note on Tuesday, August 4th. Finally, BTIG Research raised their price target on Cipher Mining from $25.00 to $35.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Cipher Mining presently has a consensus rating of "Moderate Buy" and an average price target of $29.00.

Insider Transactions at Cipher Mining

In other Cipher Mining news, CEO Tyler Page sold 112,500 shares of the business's stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the transaction, the chief executive officer owned 9,084,225 shares in the company, valued at approximately $192,494,727.75. The trade was a 1.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.09% of the company's stock.

About Cipher Mining

Cipher Mining Inc is a United States-based bitcoin mining company that develops and operates data centers designed for large-scale cryptocurrency mining. Its operations use specialized computing equipment to process transactions on the Bitcoin network and earn bitcoin rewards, while the company also focuses on securing access to power and expanding its digital infrastructure.

The company has developed mining facilities in the United States, including sites in Texas, and has pursued additional infrastructure intended to support future growth.

Want to see what other hedge funds are holding CIFR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cipher Mining Inc. (NASDAQ:CIFR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.