BIT Capital GmbH Lowers Stock Position in Cipher Mining Inc. (NASDAQ:CIFR)

Key Points

• BIT Capital GmbH has reduced its stake in Cipher Mining Inc. by 15.4%, bringing its ownership to 6,276,188 shares, which is now approximately 1.2% of its investment portfolio.
• Major shareholders have also sold significant amounts of Cipher Mining stock recently, with Top Holdco B.V. Bitfury selling 667,010 shares and the Holding Ltd V3 selling 500,000 shares.
• Equities analysts have provided varied ratings for Cipher Mining, with a consensus rating of "Buy" and an average price target of $7.63.

BIT Capital GmbH lowered its position in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 15.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,276,188 shares of the company's stock after selling 1,138,499 shares during the period. Cipher Mining comprises approximately 1.2% of BIT Capital GmbH's holdings, making the stock its 16th largest holding. BIT Capital GmbH owned about 1.69% of Cipher Mining worth $14,435,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Maridea Wealth Management LLC boosted its position in shares of Cipher Mining by 169.5% in the 1st quarter. Maridea Wealth Management LLC now owns 551,522 shares of the company's stock valued at $1,269,000 after purchasing an additional 346,911 shares during the period. Phoenix Financial Ltd. boosted its position in shares of Cipher Mining by 9.3% in the first quarter. Phoenix Financial Ltd. now owns 91,753 shares of the company's stock worth $212,000 after buying an additional 7,791 shares during the period. Drive Wealth Management LLC raised its position in shares of Cipher Mining by 11.4% during the 1st quarter. Drive Wealth Management LLC now owns 112,746 shares of the company's stock worth $259,000 after purchasing an additional 11,537 shares during the period. Impact Partnership Wealth LLC bought a new position in Cipher Mining during the 1st quarter valued at $109,000. Finally, Private Advisor Group LLC lifted its holdings in shares of Cipher Mining by 249.3% in the first quarter. Private Advisor Group LLC now owns 701,804 shares of the company's stock valued at $1,614,000 after purchasing an additional 500,864 shares in the last quarter. Institutional investors own 12.26% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CIFR. Canaccord Genuity Group reiterated a "buy" rating and issued a $8.00 target price on shares of Cipher Mining in a research note on Thursday, May 8th. HC Wainwright restated a "buy" rating on shares of Cipher Mining in a research report on Tuesday, May 6th. Jones Trading started coverage on shares of Cipher Mining in a report on Monday, July 21st. They set a "hold" rating for the company. Rosenblatt Securities restated a "buy" rating and set a $5.50 price target on shares of Cipher Mining in a report on Wednesday, May 7th. Finally, Cantor Fitzgerald boosted their target price on shares of Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research note on Thursday, June 5th. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $7.63.

Cipher Mining Stock Performance

Shares of NASDAQ CIFR traded down $0.27 during trading on Thursday, reaching $4.94. The stock had a trading volume of 11,719,053 shares, compared to its average volume of 20,925,459. Cipher Mining Inc. has a one year low of $1.86 and a one year high of $7.77. The stock has a market cap of $1.66 billion, a PE ratio of -13.82 and a beta of 2.73. The firm's 50 day moving average price is $4.95 and its two-hundred day moving average price is $4.15. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.11 and a current ratio of 1.11.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.12). Cipher Mining had a negative return on equity of 17.77% and a negative net margin of 81.21%. On average, research analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Activity at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 369,984 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $5.61, for a total value of $2,075,610.24. Following the transaction, the insider owned 90,942,259 shares in the company, valued at $510,186,072.99. The trade was a 0.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 289,145 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $6.06, for a total value of $1,752,218.70. Following the sale, the insider owned 93,378,292 shares in the company, valued at approximately $565,872,449.52. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,314,323 shares of company stock worth $32,144,964 in the last 90 days. Corporate insiders own 2.89% of the company's stock.

About Cipher Mining

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.