Cipher Mining Inc. $CIFR Shares Purchased by Engle Capital Management L.P.

Key Points

• Engle Capital Management increased its Cipher Mining stake by 982.2% in the first quarter, purchasing 705,200 additional shares and ending with 777,000 shares valued at approximately $10 million.
• Analysts remain broadly positive on CIFR, with a consensus “Moderate Buy” rating and an average price target of $28.44; recent targets range from $22 to $32.
• Cipher Mining reported a quarterly loss of $0.28 per share and revenue of $34.84 million, missing estimates, while insiders sold 3.25 million shares worth $83.8 million over the past 90 days.

Engle Capital Management L.P. boosted its position in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 982.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 777,000 shares of the company's stock after purchasing an additional 705,200 shares during the period. Cipher Mining makes up 3.4% of Engle Capital Management L.P.'s holdings, making the stock its 13th biggest holding. Engle Capital Management L.P. owned 0.19% of Cipher Mining worth $10,000,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. HighTower Advisors LLC raised its position in shares of Cipher Mining by 16.6% during the 4th quarter. HighTower Advisors LLC now owns 671,775 shares of the company's stock valued at $9,915,000 after buying an additional 95,686 shares during the period. Foundations Investment Advisors LLC purchased a new position in Cipher Mining in the fourth quarter worth approximately $667,000. Purpose Unlimited Inc. acquired a new stake in Cipher Mining during the fourth quarter worth $1,558,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new stake in Cipher Mining during the first quarter worth $2,188,000. Finally, Tyche Wealth Partners LLC increased its stake in Cipher Mining by 119.0% during the fourth quarter. Tyche Wealth Partners LLC now owns 115,000 shares of the company's stock worth $1,697,000 after acquiring an additional 62,500 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CIFR has been the topic of several recent analyst reports. HC Wainwright upped their price target on Cipher Mining from $25.00 to $30.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Needham & Company LLC raised their price objective on Cipher Mining from $22.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, May 15th. Rosenblatt Securities restated a "buy" rating and issued a $30.00 price objective on shares of Cipher Mining in a report on Thursday, June 25th. Sanford C. Bernstein initiated coverage on shares of Cipher Mining in a research report on Wednesday, June 3rd. They issued an "outperform" rating and a $32.00 target price on the stock. Finally, Cantor Fitzgerald decreased their target price on shares of Cipher Mining from $24.00 to $22.00 and set an "overweight" rating on the stock in a research report on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $28.44.

Insider Activity at Cipher Mining

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 1,200,000 shares of the firm's stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $25.49, for a total value of $30,588,000.00. Following the completion of the transaction, the insider owned 58,316,694 shares of the company's stock, valued at $1,486,492,530.06. This trade represents a 2.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Tyler Page sold 112,500 shares of the business's stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the transaction, the chief executive officer owned 9,084,225 shares of the company's stock, valued at approximately $192,494,727.75. This trade represents a 1.22% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 3,245,336 shares of company stock worth $83,803,938 over the last 90 days. 2.63% of the stock is currently owned by corporate insiders.

Cipher Mining Stock Down 6.5%

Shares of NASDAQ:CIFR opened at $21.65 on Tuesday. The firm has a market capitalization of $8.86 billion, a PE ratio of -9.29 and a beta of 3.18. Cipher Mining Inc. has a 1 year low of $4.55 and a 1 year high of $30.14. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. The firm's 50-day moving average is $23.32 and its two-hundred day moving average is $18.96.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) 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 analysts' expectations of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. Cipher Mining's revenue for the quarter was down 28.8% compared to the same quarter last year. Analysts predict that Cipher Mining Inc. will post -0.8 EPS for the current year.

Cipher Mining Profile

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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