BIT Capital GmbH Reduces 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 cut its position in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 15.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,276,188 shares of the company's stock after selling 1,138,499 shares during the period. Cipher Mining accounts for 1.2% of BIT Capital GmbH's holdings, making the stock its 16th largest position. 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 have also recently made changes to their positions in the company. HighTower Advisors LLC purchased a new stake in Cipher Mining in the 4th quarter valued at $84,000. American Century Companies Inc. grew its holdings in Cipher Mining by 61.9% in the 4th quarter. American Century Companies Inc. now owns 455,041 shares of the company's stock valued at $2,111,000 after buying an additional 173,906 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Cipher Mining in the 4th quarter valued at $221,000. Vanguard Group Inc. grew its holdings in Cipher Mining by 7.0% in the 4th quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company's stock valued at $84,318,000 after buying an additional 1,189,756 shares in the last quarter. Finally, Corebridge Financial Inc. grew its holdings in Cipher Mining by 4.3% in the 4th quarter. Corebridge Financial Inc. now owns 100,691 shares of the company's stock valued at $467,000 after buying an additional 4,162 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. HC Wainwright reaffirmed a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $5.50 price target on shares of Cipher Mining in a research note on Wednesday, May 7th. Cantor Fitzgerald upped their price target on Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research note on Thursday, June 5th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $8.00 price target on shares of Cipher Mining in a research note on Thursday, May 8th. Finally, Jones Trading assumed coverage on Cipher Mining in a research note on Monday, July 21st. They issued a "hold" rating on the stock. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $7.63.

Cipher Mining Stock Down 5.3%

NASDAQ CIFR traded down $0.28 during trading hours on Tuesday, hitting $4.92. 6,403,548 shares of the company were exchanged, compared to its average volume of 20,948,803. The company has a 50 day moving average of $4.85 and a two-hundred day moving average of $4.14. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.01. Cipher Mining Inc. has a 52-week low of $1.86 and a 52-week high of $7.77. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of -13.65 and a beta of 2.73.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). Cipher Mining had a negative return on equity of 17.77% and a negative net margin of 81.21%. The company had revenue of $48.96 million for the quarter, compared to the consensus estimate of $53.57 million. Equities research analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Insider Transactions at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $6.11, for a total value of $4,075,431.10. Following the transaction, the insider owned 93,667,437 shares in the company, valued at approximately $572,308,040.07. This represents a 0.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Holding Ltd V3 sold 500,000 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $6.19, for a total value of $3,095,000.00. Following the completion of the transaction, the insider owned 91,378,292 shares in the company, valued at approximately $565,631,627.48. The trade was a 0.54% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,314,323 shares of company stock worth $32,144,964. Company insiders own 2.89% of the company's stock.

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.