Cipher Mining Inc. (NASDAQ:CIFR) Position Reduced by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. significantly reduced its stake in Cipher Mining Inc. by 72.1% during Q1, now holding 121,978 shares valued at approximately $281,000.
• Insider transactions included a major shareholder, Top Holdco B.V. Bitfury, selling 667,010 shares for over $4 million, decreasing their ownership by 0.71%.
• Cipher Mining has a consensus rating of "Moderate Buy" from analysts, with a price target averaging around $7.70.

Federated Hermes Inc. decreased its holdings in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 72.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 121,978 shares of the company's stock after selling 315,269 shares during the period. Federated Hermes Inc.'s holdings in Cipher Mining were worth $281,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in CIFR. NewEdge Advisors LLC acquired a new position in shares of Cipher Mining in the 4th quarter valued at about $29,000. FNY Investment Advisers LLC increased its holdings in shares of Cipher Mining by 42.9% in the 1st quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock valued at $36,000 after purchasing an additional 4,800 shares during the period. Valeo Financial Advisors LLC acquired a new position in Cipher Mining in the first quarter worth approximately $37,000. Rafferty Asset Management LLC acquired a new position in Cipher Mining in the fourth quarter worth approximately $49,000. Finally, Captrust Financial Advisors acquired a new position in Cipher Mining in the fourth quarter worth approximately $54,000. Institutional investors and hedge funds own 12.26% of the company's stock.

Insiders Place Their Bets

In related news, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the business's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $6.11, for a total transaction of $4,075,431.10. Following the transaction, the insider owned 93,667,437 shares of the company's stock, valued at approximately $572,308,040.07. The trade was a 0.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Holding Ltd V3 sold 500,000 shares of the business's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $6.19, for a total transaction of $3,095,000.00. Following the transaction, the insider directly owned 91,378,292 shares in the company, valued at $565,631,627.48. This trade represents a 0.54% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,314,323 shares of company stock worth $32,144,964 in the last ninety days. 2.89% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CIFR has been the topic of a number of research reports. 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. HC Wainwright restated a "buy" rating on shares of Cipher Mining in a report on Tuesday, May 6th. Jones Trading initiated coverage on Cipher Mining in a report on Monday, July 21st. They issued a "hold" rating on the stock. Canaccord Genuity Group restated a "buy" rating and issued a $8.00 price objective on shares of Cipher Mining in a report on Thursday, May 8th. Finally, Macquarie increased their price objective on Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Cipher Mining has a consensus rating of "Moderate Buy" and a consensus price target of $7.70.

Cipher Mining Trading Down 2.6%

Shares of CIFR stock opened at $4.75 on Friday. Cipher Mining Inc. has a 12 month low of $1.86 and a 12 month high of $7.77. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.01. The business's 50 day moving average is $5.02 and its two-hundred day moving average is $4.13. The company has a market cap of $1.59 billion, a PE ratio of -11.03 and a beta of 2.73.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, meeting the consensus estimate of ($0.12). The company had revenue of $43.57 million for the quarter, compared to the consensus estimate of $51.89 million. Cipher Mining had a negative return on equity of 22.12% and a negative net margin of 96.95%. Equities analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current year.

Cipher Mining 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.

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