Cipher Mining Inc. $CIFR Shares Acquired by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Cipher Mining Inc. by 5.7%, now owning approximately 3.3 million shares worth about $7.6 million.
• Cipher Mining's stock experienced a 7.2% increase and closed at $7.12, with analysts maintaining a consensus rating of "Moderate Buy" and a price target of $7.67.
• Insider trading activity has seen significant sales, with the COO and a director both reducing their holdings, leading to a total of 5.5 million shares sold by insiders over the last 90 days.

Charles Schwab Investment Management Inc. grew its stake in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 5.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,319,563 shares of the company's stock after purchasing an additional 180,010 shares during the period. Charles Schwab Investment Management Inc. owned about 0.89% of Cipher Mining worth $7,635,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of CIFR. NewEdge Advisors LLC purchased a new stake in Cipher Mining in the 4th quarter worth approximately $29,000. FNY Investment Advisers LLC lifted its position in shares of Cipher Mining by 42.9% during the 1st quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock valued at $36,000 after buying an additional 4,800 shares in the last quarter. Valeo Financial Advisors LLC purchased a new position in shares of Cipher Mining during the 1st quarter valued at approximately $37,000. Rafferty Asset Management LLC purchased a new position in shares of Cipher Mining during the 4th quarter valued at approximately $49,000. Finally, Captrust Financial Advisors purchased a new position in shares of Cipher Mining during the 4th quarter valued at approximately $54,000. Hedge funds and other institutional investors own 12.26% of the company's stock.

Insiders Place Their Bets

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 289,145 shares of the firm's 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 completion of the sale, the insider directly owned 93,378,292 shares of the company's stock, valued at $565,872,449.52. This trade represents a 0.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Cary M. Grossman sold 75,000 shares of the firm'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 completion of the sale, the director directly owned 225,530 shares of the company's stock, valued at $1,328,371.70. This trade represents a 24.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,466,662 shares of company stock worth $33,020,046. 2.89% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CIFR has been the topic of a number of recent analyst reports. Jones Trading initiated coverage on Cipher Mining in a research report on Monday, July 21st. They set a "hold" rating on the stock. Rosenblatt Securities reiterated a "buy" rating and set a $5.50 target price on shares of Cipher Mining in a research report on Wednesday, May 7th. Macquarie increased their target price on Cipher Mining from $6.00 to $8.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. HC Wainwright reiterated a "buy" rating on shares of Cipher Mining in a research report on Tuesday, May 6th. Finally, Cantor Fitzgerald increased their target price on Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research report on Thursday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $7.67.

Cipher Mining Price Performance

CIFR stock traded up $0.62 during midday trading on Friday, reaching $7.64. The stock had a trading volume of 70,023,825 shares, compared to its average volume of 22,474,006. The company's fifty day simple moving average is $5.69 and its 200 day simple moving average is $4.19. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.23. The company has a market cap of $3.00 billion, a price-to-earnings ratio of -17.77 and a beta of 2.73. Cipher Mining Inc. has a 52-week low of $1.86 and a 52-week high of $8.71.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.12). The company had revenue of $43.57 million for the quarter, compared to analyst estimates of $51.89 million. Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%. As a group, sell-side analysts predict that Cipher Mining Inc. will post -0.31 earnings per share 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.