FirstWave Capital Management LLC Buys New Stake in Cipher Mining Inc. $CIFR

Key Points

• FirstWave Capital Management purchased 98,381 shares of Cipher Mining worth approximately $2.41 million, making the stock its 28th-largest holding. Hedge funds and institutional investors collectively own 12.26% of the company.
• Cipher Mining reported weaker-than-expected quarterly results, with a loss of $0.65 per share versus the $0.25 consensus estimate and revenue of $24.84 million versus expectations of $31.86 million.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $28.61, although company insiders sold 131,258 shares worth roughly $2.93 million over the past 90 days.

FirstWave Capital Management LLC bought a new stake in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 98,381 shares of the company's stock, valued at approximately $2,410,000. Cipher Mining comprises about 1.1% of FirstWave Capital Management LLC's holdings, making the stock its 28th biggest position.

Other hedge funds also recently bought and sold shares of the company. Los Angeles Capital Management LLC acquired a new stake in shares of Cipher Mining during the fourth quarter valued at $25,000. Arax Advisory Partners lifted its holdings in Cipher Mining by 274.2% in the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company's stock valued at $27,000 after purchasing an additional 1,338 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Cipher Mining during the 4th quarter worth about $28,000. Danske Bank A S grew its holdings in shares of Cipher Mining by 1,150.0% during the fourth quarter. Danske Bank A S now owns 2,500 shares of the company's stock worth $37,000 after buying an additional 2,300 shares in the last quarter. Finally, CWM LLC raised its position in shares of Cipher Mining by 43.3% in the fourth quarter. CWM LLC now owns 2,661 shares of the company's stock valued at $39,000 after buying an additional 804 shares during the last quarter. Hedge funds and other institutional investors own 12.26% of the company's stock.

Insider Activity

In other Cipher Mining news, CEO Tyler Page sold 112,500 shares of the company's stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total value of $2,383,875.00. Following the completion of the transaction, the chief executive officer owned 9,084,225 shares in the company, valued at $192,494,727.75. This represents a 1.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James E. Newsome sold 3,758 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total transaction of $99,962.80. Following the completion of the sale, the director directly owned 128,530 shares of the company's stock, valued at $3,418,898. This trade represents a 2.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 131,258 shares of company stock valued at $2,925,288. Company insiders own 3.09% of the company's stock.

Cipher Mining Stock Up 2.1%

Shares of NASDAQ:CIFR opened at $17.74 on Friday. The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00. Cipher Mining Inc. has a 1 year low of $7.08 and a 1 year high of $30.14. The stock has a market capitalization of $7.36 billion, a P/E ratio of -6.20 and a beta of 3.15. The stock has a 50-day simple moving average of $19.33 and a 200-day simple moving average of $19.10.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.40). The business had revenue of $24.84 million during the quarter, compared to analysts' expectations of $31.86 million. Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. During the same quarter in the previous year, the business posted ($0.12) EPS. Equities analysts forecast that Cipher Mining Inc. will post -1.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

CIFR has been the subject of several recent analyst reports. Morgan Stanley set a $43.50 target price on shares of Cipher Mining in a research note on Thursday, August 6th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $30.00 price objective on shares of Cipher Mining in a research report on Friday. Chardan Capital reiterated a "buy" rating and set a $32.00 target price on shares of Cipher Mining in a research report on Tuesday, August 4th. UBS Group set a $30.00 price target on Cipher Mining in a research note on Monday, August 10th. Finally, BTIG Research upped their price objective on shares of Cipher Mining from $25.00 to $35.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Cipher Mining has an average rating of "Moderate Buy" and a consensus target price of $28.61.

Cipher Mining Company Profile

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.

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