Engineers Gate Manager LP Acquires New Shares in Cipher Mining Inc. $CIFR

Key Points

• Engineers Gate Manager LP acquired 64,759 shares of Cipher Mining during the second quarter, valued at approximately $1.59 million. Hedge funds and institutional investors collectively own 12.26% of the company.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $28.61. Price targets range from $22 at JPMorgan to $35 at BTIG Research, while Weiss Ratings maintained a sell rating.
• Cipher Mining reported weaker-than-expected quarterly results, losing $0.65 per share versus the $0.25 expected and generating $24.84 million in revenue versus the $31.86 million consensus estimate. CEO Tyler Page also sold 112,500 shares under a pre-arranged trading plan.

Engineers Gate Manager LP acquired a new stake in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund acquired 64,759 shares of the company's stock, valued at approximately $1,587,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. CoreCap Advisors LLC boosted its position in shares of Cipher Mining by 41.7% during the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company's stock valued at $42,000 after acquiring an additional 500 shares during the last quarter. Abel Hall LLC boosted its stake in shares of Cipher Mining by 3.8% during the first quarter. Abel Hall LLC now owns 20,140 shares of the company's stock valued at $259,000 after purchasing an additional 739 shares during the period. Rathbones Group PLC increased its position in shares of Cipher Mining by 7.0% in the first quarter. Rathbones Group PLC now owns 11,495 shares of the company's stock valued at $148,000 after acquiring an additional 750 shares during the period. Navellier & Associates Inc. increased its holdings in Cipher Mining by 3.7% during the 2nd quarter. Navellier & Associates Inc. now owns 25,230 shares of the company's stock valued at $618,000 after purchasing an additional 901 shares during the period. Finally, Prospera Financial Services Inc raised its holdings in shares of Cipher Mining by 6.7% during the fourth quarter. Prospera Financial Services Inc now owns 15,600 shares of the company's stock valued at $230,000 after acquiring an additional 980 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CIFR. Rosenblatt Securities reaffirmed a "buy" rating and set a $30.00 price objective on shares of Cipher Mining in a research report on Thursday, September 10th. JPMorgan Chase & Co. decreased their price objective on shares of Cipher Mining from $23.00 to $22.00 and set an "overweight" rating for the company in a report on Friday, August 7th. Citigroup restated a "market outperform" rating on shares of Cipher Mining in a research note on Monday, August 10th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cipher Mining in a research report on Wednesday, June 24th. Finally, BTIG Research lifted their target price on Cipher Mining from $25.00 to $35.00 and gave the company a "buy" rating in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Cipher Mining has an average rating of "Moderate Buy" and a consensus target price of $28.61.

Cipher Mining Stock Up 10.8%

Shares of CIFR opened at $16.72 on Thursday. Cipher Mining Inc. has a 1 year low of $11.01 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. The business's 50 day simple moving average is $18.47 and its 200-day simple moving average is $19.16. The stock has a market capitalization of $6.94 billion, a price-to-earnings ratio of -5.85 and a beta of 3.15.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.40). Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.The business 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. As a group, equities analysts expect that Cipher Mining Inc. will post -1.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, CEO Tyler Page sold 112,500 shares of Cipher Mining 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 sale, the chief executive officer directly owned 9,084,225 shares of the company's stock, valued at $192,494,727.75. The trade was a 1.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.09% of the company's stock.

Cipher Mining Company Profile

Cipher Mining Inc is a United States-based bitcoin mining company that develops and operates data centers designed for large-scale cryptocurrency mining. Its operations use specialized computing equipment to process transactions on the Bitcoin network and earn bitcoin rewards, while the company also focuses on securing access to power and expanding its digital infrastructure.

The company has developed mining facilities in the United States, including sites in Texas, and has pursued additional infrastructure intended to support future growth.

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