Graham Capital Management L.P. Makes New $33.33 Million Investment in Cipher Mining Inc. $CIFR

Key Points

• Graham Capital Management disclosed a new fourth-quarter position in Cipher Mining, buying 2.26 million shares worth about $33.3 million. The stake made CIFR its 18th-largest holding and represented about 0.57% of the company.
• Several other institutions also increased or initiated positions, while insiders were net sellers. Notably, Director Cary M. Grossman and COO Patrick Arthur Kelly sold shares, and insiders sold 3.18 million shares worth about $81.8 million over the last 90 days.
• Cipher Mining’s latest earnings missed expectations, with quarterly EPS of -$0.28 versus estimates of -$0.27 and revenue of $34.84 million below forecasts. Analysts still view the stock cautiously bullish overall, with a Moderate Buy consensus and an average price target of $27.69.

Graham Capital Management L.P. bought a new position in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,258,042 shares of the company's stock, valued at approximately $33,329,000. Cipher Mining comprises approximately 0.8% of Graham Capital Management L.P.'s portfolio, making the stock its 18th largest position. Graham Capital Management L.P. owned about 0.57% of Cipher Mining at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Los Angeles Capital Management LLC bought a new position in Cipher Mining in the fourth quarter worth about $25,000. Arax Advisory Partners lifted its holdings in Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company's stock worth $27,000 after acquiring an additional 1,338 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Cipher Mining by 218.3% in the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company's stock worth $28,000 after acquiring an additional 1,286 shares during the last quarter. Meeder Asset Management Inc. bought a new position in Cipher Mining in the fourth quarter worth about $28,000. Finally, Danske Bank A S lifted its holdings in Cipher Mining by 1,150.0% in the fourth quarter. Danske Bank A S now owns 2,500 shares of the company's stock worth $37,000 after acquiring an additional 2,300 shares during the last quarter. Institutional investors own 12.26% of the company's stock.

Insider Activity at Cipher Mining

In related news, Director Cary M. Grossman sold 20,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $21.82, for a total transaction of $436,400.00. Following the transaction, the director owned 150,530 shares in the company, valued at $3,284,564.60. This trade represents a 11.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 48,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $19.36, for a total transaction of $929,280.00. Following the transaction, the chief operating officer owned 1,451,856 shares in the company, valued at $28,107,932.16. This represents a 3.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 3,178,236 shares of company stock valued at $81,848,926. Company insiders own 2.63% of the company's stock.

Cipher Mining Stock Performance

CIFR opened at $26.21 on Wednesday. The business's 50 day moving average is $20.63 and its 200-day moving average is $17.70. The stock has a market cap of $10.72 billion, a PE ratio of -11.25 and a beta of 3.18. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 6.13. Cipher Mining Inc. has a twelve month low of $3.29 and a twelve month high of $28.62.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.27) by ($0.01). The business had revenue of $34.84 million for the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The firm's revenue was down 28.8% compared to the same quarter last year. On average, analysts predict that Cipher Mining Inc. will post -0.8 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have issued reports on CIFR shares. Cantor Fitzgerald cut their target price on shares of Cipher Mining from $24.00 to $22.00 and set an "overweight" rating on the stock in a report on Thursday, April 9th. Sanford C. Bernstein began coverage on shares of Cipher Mining in a report on Wednesday, June 3rd. They issued an "outperform" rating and a $32.00 target price on the stock. Morgan Stanley cut their price target on Cipher Mining from $53.50 to $48.50 and set an "overweight" rating on the stock in a report on Thursday, June 4th. Zacks Research raised Cipher Mining from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 25th. Finally, Wall Street Zen cut Cipher Mining from a "hold" rating to a "strong sell" rating in a report on Sunday, March 1st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Cipher Mining presently has an average rating of "Moderate Buy" and an average price target of $27.69.

Cipher Mining 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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