Vident Advisory LLC Acquires 503,694 Shares of Cipher Mining Inc. $CIFR

Key Points

• Vident Advisory LLC increased its stake in Cipher Mining Inc. by 11.9% during the first quarter, bringing its total ownership to approximately 1.28% of the company, valued at $10,934,000.
• Analyst ratings for Cipher Mining are generally positive, with an average rating of "Moderate Buy" and a price target of $7.67, with several firms raising their target prices recently.
• Insider selling has occurred, with significant shareholders selling a total of 5,466,662 shares over the last quarter, valued at around $33 million.

Vident Advisory LLC raised its position in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 11.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,753,772 shares of the company's stock after buying an additional 503,694 shares during the period. Vident Advisory LLC owned about 1.28% of Cipher Mining worth $10,934,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Helix Partners Management LP boosted its position in Cipher Mining by 95.8% during the 1st quarter. Helix Partners Management LP now owns 4,400,000 shares of the company's stock valued at $10,120,000 after buying an additional 2,153,058 shares during the period. Tidal Investments LLC boosted its position in Cipher Mining by 3.9% during the 4th quarter. Tidal Investments LLC now owns 3,887,949 shares of the company's stock valued at $18,040,000 after buying an additional 145,018 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Cipher Mining by 5.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,319,563 shares of the company's stock valued at $7,635,000 after buying an additional 180,010 shares during the period. Two Sigma Investments LP boosted its position in Cipher Mining by 31.4% during the 4th quarter. Two Sigma Investments LP now owns 2,857,401 shares of the company's stock valued at $13,258,000 after buying an additional 682,940 shares during the period. Finally, Driehaus Capital Management LLC purchased a new stake in Cipher Mining during the 4th quarter valued at $9,439,000. Hedge funds and other institutional investors own 12.26% of the company's stock.

Analysts Set New Price Targets

CIFR has been the subject of several analyst reports. Jones Trading initiated coverage on shares of Cipher Mining in a research report on Monday, July 21st. They set a "hold" rating for the company. Rosenblatt Securities restated a "buy" rating and issued a $5.50 price objective on shares of Cipher Mining in a report on Wednesday, May 7th. Canaccord Genuity Group upped their price objective on shares of Cipher Mining from $8.00 to $9.00 and gave the stock a "buy" rating in a report on Tuesday, August 19th. Cantor Fitzgerald upped their price objective on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a report on Thursday, June 5th. Finally, Macquarie upped their price objective on shares of Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $7.67.

Cipher Mining Stock Down 6.9%

NASDAQ:CIFR traded down $0.56 on Thursday, reaching $7.55. 11,952,606 shares of the stock traded hands, compared to its average volume of 21,878,523. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of -17.55 and a beta of 2.76. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.23. Cipher Mining Inc. has a 12 month low of $1.86 and a 12 month high of $8.78. The company's fifty day simple moving average is $5.95 and its 200 day simple moving average is $4.25.

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

Insider Activity at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 369,984 shares of Cipher Mining stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $5.61, for a total transaction of $2,075,610.24. Following the sale, the insider owned 90,942,259 shares in the company, valued at $510,186,072.99. This trade represents a 0.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Cary M. Grossman sold 75,000 shares of Cipher Mining stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $5.89, for a total transaction of $441,750.00. Following the sale, the director owned 225,530 shares in the company, valued at approximately $1,328,371.70. The trade was a 24.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,466,662 shares of company stock worth $33,020,046 in the last 90 days. Insiders own 2.89% of the company's stock.

About Cipher Mining

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.