Exchange Traded Concepts LLC Sells 401,875 Shares of Cipher Mining Inc. $CIFR

Key Points

• Exchange Traded Concepts LLC reduced its stake in Cipher Mining Inc. by 27.2%, ending the quarter with a position valued at approximately $5.14 million.
• Significant insider transactions occurred, including the COO selling 44,870 shares valued at about $484,596 and a major shareholder selling 900,000 shares worth approximately $10.59 million.
• Cipher Mining's stock has seen a price increase of 3.6%, with analysts maintaining a consensus rating of "Moderate Buy" and a target price of $8.11.

Exchange Traded Concepts LLC decreased its position in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 27.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,074,546 shares of the company's stock after selling 401,875 shares during the quarter. Exchange Traded Concepts LLC owned approximately 0.32% of Cipher Mining worth $5,136,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Signal Advisors Wealth LLC bought a new position in Cipher Mining during the second quarter worth about $48,000. Rafferty Asset Management LLC bought a new position in Cipher Mining in the 4th quarter worth approximately $49,000. Captrust Financial Advisors bought a new position in Cipher Mining in the 4th quarter worth approximately $54,000. Stoneridge Investment Partners LLC purchased a new position in Cipher Mining in the 1st quarter valued at approximately $29,000. Finally, GTS Securities LLC purchased a new stake in shares of Cipher Mining during the fourth quarter worth $60,000. 12.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Jones Trading began coverage on Cipher Mining in a research report on Monday, July 21st. They issued a "hold" rating on the stock. Canaccord Genuity Group upped their price objective on Cipher Mining from $9.00 to $13.00 and gave the stock a "buy" rating in a report on Tuesday, September 16th. Macquarie raised their price objective on Cipher Mining from $6.00 to $8.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Cantor Fitzgerald upped their target price on Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research note on Thursday, June 5th. Finally, Compass Point initiated coverage on shares of Cipher Mining in a research note on Monday, September 15th. They set a "buy" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $8.11.

Cipher Mining Trading Up 1.1%

Shares of NASDAQ CIFR traded up $0.15 during mid-day trading on Tuesday, hitting $14.11. The stock had a trading volume of 20,261,489 shares, compared to its average volume of 23,230,652. The business has a 50 day moving average price of $7.22 and a two-hundred day moving average price of $4.76. Cipher Mining Inc. has a 1 year low of $1.86 and a 1 year high of $14.73. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18. The firm has a market cap of $5.55 billion, a P/E ratio of -32.87 and a beta of 2.75.

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, hitting analysts' consensus estimates of ($0.12). The business had revenue of $43.57 million for 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%. On average, equities analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $6.11, for a total value of $4,075,431.10. Following the completion of the sale, the insider owned 93,667,437 shares in the company, valued at approximately $572,308,040.07. This trade represents a 0.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Holding Ltd V3 sold 900,000 shares of the business's stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $9.98, for a total value of $8,982,000.00. Following the transaction, the insider directly owned 83,942,259 shares in the company, valued at $837,743,744.82. This trade represents a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,411,532 shares of company stock valued at $114,151,642 in the last ninety days. 2.89% of the stock is currently owned by corporate insiders.

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.