Duncan Williams Asset Management LLC Sells 68,500 Shares of Cipher Mining Inc. $CIFR

Key Points

• Duncan Williams Asset Management LLC has reduced its stake in Cipher Mining Inc. by 48.4%, selling 68,500 shares and retaining 72,934 shares valued at $349,000 as of its latest SEC filing.
• Insider selling activity includes COO Patrick Arthur Kelly selling 44,870 shares and major shareholder Holding Ltd V3 selling 2,000,000 shares, leading to notable changes in insider ownership percentages.
• Analysts have a consensus rating of "Moderate Buy" for Cipher Mining, with a target price averaging $15.23, following various upgrades from firms like Canaccord Genuity and JPMorgan.

Duncan Williams Asset Management LLC decreased its stake in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 48.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 72,934 shares of the company's stock after selling 68,500 shares during the period. Duncan Williams Asset Management LLC's holdings in Cipher Mining were worth $349,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. 111 Capital purchased a new stake in Cipher Mining in the second quarter worth about $114,000. Custos Family Office LLC bought a new position in shares of Cipher Mining in the 2nd quarter worth approximately $48,000. Greenleaf Trust purchased a new position in shares of Cipher Mining in the 2nd quarter valued at approximately $108,000. Farther Finance Advisors LLC lifted its stake in shares of Cipher Mining by 33.6% in the 2nd quarter. Farther Finance Advisors LLC now owns 55,992 shares of the company's stock valued at $268,000 after purchasing an additional 14,072 shares during the period. Finally, Baader Bank Aktiengesellschaft bought a new stake in shares of Cipher Mining during the second quarter valued at approximately $94,000. Hedge funds and other institutional investors own 12.26% of the company's stock.

Insider Activity at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 44,870 shares of the business's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $10.80, for a total value of $484,596.00. Following the completion of the transaction, the chief operating officer directly owned 1,044,390 shares in the company, valued at $11,279,412. The trade was a 4.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Holding Ltd V3 sold 2,000,000 shares of the company's stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $12.08, for a total value of $24,160,000.00. Following the completion of the transaction, the insider directly owned 67,852,537 shares in the company, valued at $819,658,646.96. This trade represents a 2.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,301,254 shares of company stock valued at $206,922,720 in the last three months. 2.89% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CIFR has been the subject of a number of research reports. Arete assumed coverage on Cipher Mining in a report on Wednesday, September 24th. They issued a "buy" rating and a $24.00 price objective for the company. Canaccord Genuity Group upped their target price on shares of Cipher Mining from $12.00 to $16.00 and gave the stock a "buy" rating in a research report on Monday, September 29th. JPMorgan Chase & Co. increased their price target on shares of Cipher Mining from $6.00 to $12.00 and gave the stock a "neutral" rating in a research note on Friday, September 26th. Macquarie boosted their price objective on shares of Cipher Mining from $8.00 to $16.00 and gave the stock an "outperform" rating in a research note on Monday, September 29th. Finally, Arete Research assumed coverage on shares of Cipher Mining in a report on Wednesday, September 24th. They issued a "buy" rating and a $24.00 price objective on the stock. Twelve research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Cipher Mining currently has a consensus rating of "Moderate Buy" and an average target price of $15.23.

Cipher Mining Price Performance

CIFR opened at $15.34 on Tuesday. The firm has a market cap of $6.03 billion, a PE ratio of -35.67 and a beta of 2.87. The stock has a 50-day moving average price of $8.60 and a 200-day moving average price of $5.48. Cipher Mining Inc. has a 1 year low of $1.86 and a 1 year high of $16.12. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released 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 business had revenue of $43.57 million during the quarter, compared to analyst estimates of $51.89 million. Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. Sell-side analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

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.

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