BIT Capital GmbH Sells 1,512,290 Shares of Cipher Mining Inc. $CIFR

Key Points

• BIT Capital GmbH cut its Cipher Mining stake by 62% in the fourth quarter, selling 1.51 million shares and leaving it with 927,393 shares worth about $13.69 million.
• Insider selling has been notable, with COO Patrick Arthur Kelly and Director Wesley Hastie Williams both selling shares recently; insiders have sold about 2.01 million shares worth $51.8 million over the past 90 days.
• Cipher Mining’s latest results were mixed, as it missed quarterly EPS and revenue estimates and posted a year-over-year revenue decline, though analysts still have a consensus Moderate Buy rating with an average price target of $27.69.

BIT Capital GmbH decreased its position in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 62.0% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 927,393 shares of the company's stock after selling 1,512,290 shares during the period. BIT Capital GmbH owned about 0.23% of Cipher Mining worth $13,688,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Sherman Asset Management Inc. bought a new stake in Cipher Mining in the 3rd quarter valued at approximately $25,000. GAMMA Investing LLC lifted its stake in Cipher Mining by 218.3% in the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company's stock valued at $28,000 after acquiring an additional 1,286 shares in the last quarter. Danske Bank A S lifted its stake in Cipher Mining by 1,150.0% in the 4th quarter. Danske Bank A S now owns 2,500 shares of the company's stock valued at $37,000 after acquiring an additional 2,300 shares in the last quarter. CWM LLC raised its holdings in Cipher Mining by 43.3% during the fourth quarter. CWM LLC now owns 2,661 shares of the company's stock worth $39,000 after acquiring an additional 804 shares in the last quarter. Finally, Parallel Advisors LLC raised its holdings in Cipher Mining by 663.0% during the third quarter. Parallel Advisors LLC now owns 4,166 shares of the company's stock worth $52,000 after acquiring an additional 3,620 shares in the last quarter. Institutional investors own 12.26% of the company's stock.

Insider Transactions at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 48,000 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $19.36, for a total value of $929,280.00. Following the transaction, the chief operating officer owned 1,451,856 shares of the company's stock, valued at approximately $28,107,932.16. This represents a 3.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Wesley Hastie Williams sold 14,567 shares of the company's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $21.41, for a total value of $311,879.47. Following the completion of the transaction, the director directly owned 115,409 shares in the company, valued at $2,470,906.69. The trade was a 11.21% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 2,013,804 shares of company stock valued at $51,793,735. Company insiders own 2.63% of the company's stock.

Cipher Mining Stock Performance

CIFR opened at $22.45 on Friday. The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13. The business's 50-day simple moving average is $19.10 and its 200 day simple moving average is $17.29. The firm has a market capitalization of $9.18 billion, a PE ratio of -9.64 and a beta of 3.18. Cipher Mining Inc. has a 52-week low of $3.29 and a 52-week high of $28.62.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). The business had revenue of $34.84 million during the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The business's revenue for the quarter was down 28.8% compared to the same quarter last year. As a group, sell-side analysts expect that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on CIFR shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cipher Mining in a report on Friday, March 27th. Rosenblatt Securities upped their target price on Cipher Mining from $24.00 to $30.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Wall Street Zen lowered Cipher Mining from a "hold" rating to a "strong sell" rating in a report on Sunday, March 1st. Morgan Stanley dropped their target price on Cipher Mining from $53.50 to $48.50 and set an "overweight" rating on the stock in a report on Thursday. Finally, BTIG Research reiterated a "buy" rating and set a $25.00 target price on shares of Cipher Mining in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $27.69.

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.

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