Cipher Mining Inc. $CIFR Shares Purchased by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

Key Points

• Cushing Asset Management increased its Cipher Mining stake by 61.9% in the third quarter, acquiring 133,000 additional shares and bringing its total holdings to 348,000 shares worth approximately $5.5 million.
• Several other institutional investors also expanded their positions, while hedge funds and institutions collectively owned 12.26% of Cipher Mining’s stock.
• Cipher Mining faces weak financial performance and significant volatility: it missed quarterly earnings and revenue estimates, opened at $7.71 versus a one-year high of $30.14, while analysts maintained a “Moderate Buy” consensus with an average price target of $28.65.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 61.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 348,000 shares of the company's stock after acquiring an additional 133,000 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned approximately 0.08% of Cipher Mining worth $5,507,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in CIFR. Wellington Management Group LLP raised its position 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. Janus Henderson Group PLC grew its holdings in Cipher Mining by 1.9% during the first quarter. Janus Henderson Group PLC now owns 4,373,982 shares of the company's stock valued at $56,292,000 after purchasing an additional 81,192 shares during the period. Moore Capital Management LP acquired a new position in Cipher Mining during the second quarter valued at approximately $35,077,000. Jennison Associates LLC increased its stake in Cipher Mining by 48.7% in the first 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 in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Cipher Mining in the first quarter valued at approximately $24,486,000. Institutional investors and hedge funds own 12.26% of the company's stock.

Cipher Mining Stock Performance

CIFR opened at $7.71 on Tuesday. The business's 50-day moving average price is $15.07 and its two-hundred day moving average price is $17.97. Cipher Mining Inc. has a 1 year low of $7.46 and a 1 year high of $30.14. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.40). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The firm had revenue of $24.84 million during the quarter, compared to the consensus estimate of $31.86 million. During the same quarter last year, the firm earned ($0.12) earnings per share. On average, equities research analysts anticipate that Cipher Mining Inc. will post -1.36 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CIFR. Keefe, Bruyette & Woods reduced their price target on shares of Cipher Mining from $32.00 to $28.00 and set an "outperform" rating on the stock in a research report on Thursday, August 6th. Cantor Fitzgerald lowered their price objective on shares of Cipher Mining from $28.00 to $19.00 and set an "overweight" rating for the company in a research report on Friday, October 16th. JPMorgan Chase & Co. lowered their price objective on shares of Cipher Mining from $23.00 to $22.00 and set an "overweight" rating for the company in a research report on Friday, August 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cipher Mining in a research note on Monday, September 21st. Finally, Freedom Capital upgraded Cipher Mining to a "hold" rating in a report on Friday, September 18th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $28.65.

About Cipher Mining

Cipher Mining Inc NASDAQ: CIFR is a bitcoin mining company that develops and operates large-scale data center infrastructure in the United States. The company uses specialized application-specific integrated circuit (ASIC) computers to validate transactions on the Bitcoin network and earn bitcoin rewards.

Cipher focuses on securing access to cost-effective power, building and managing mining facilities, and deploying high-performance computing equipment. Its operations are supported by power infrastructure, cooling systems, networking equipment and other data center technologies required for energy-intensive digital asset mining.

The company was formed through the combination of Cipher Mining Technologies Inc and Good Works Acquisition Corp.

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