Harvest Portfolios Group Inc. Trims Position in Cipher Mining Inc. $CIFR

Key Points

• Harvest Portfolios Group reduced its Cipher Mining stake by 30.2% in the fourth quarter, selling 84,204 shares and leaving it with 194,569 shares valued at about $2.87 million.
• Institutional activity around Cipher Mining was mixed, with several funds increasing positions while others initiated new stakes; hedge funds and other institutions now own 12.26% of the stock.
• Analyst sentiment is generally positive despite some bearish calls: the stock carries a Moderate Buy consensus with a $27 average price target, while Cipher Mining recently reported a quarterly EPS and revenue miss and insiders have sold shares over the past 90 days.

Harvest Portfolios Group Inc. cut its position in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 30.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 194,569 shares of the company's stock after selling 84,204 shares during the period. Harvest Portfolios Group Inc.'s holdings in Cipher Mining were worth $2,872,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. GSA Capital Partners LLP increased its stake in shares of Cipher Mining by 45.4% in the fourth quarter. GSA Capital Partners LLP now owns 56,409 shares of the company's stock worth $833,000 after purchasing an additional 17,619 shares in the last quarter. Handelsbanken Fonder AB purchased a new stake in shares of Cipher Mining in the fourth quarter worth $886,000. ProShare Advisors LLC increased its stake in shares of Cipher Mining by 32.9% in the fourth quarter. ProShare Advisors LLC now owns 60,279 shares of the company's stock worth $890,000 after purchasing an additional 14,926 shares in the last quarter. HighTower Advisors LLC increased its stake in shares of Cipher Mining by 16.6% in the fourth quarter. HighTower Advisors LLC now owns 671,775 shares of the company's stock worth $9,915,000 after purchasing an additional 95,686 shares in the last quarter. Finally, L & S Advisors Inc purchased a new stake in shares of Cipher Mining in the fourth quarter worth $169,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CIFR shares. Wall Street Zen cut shares of Cipher Mining from a "hold" rating to a "strong sell" rating in a research note on Sunday, March 1st. Jefferies Financial Group started coverage on shares of Cipher Mining in a research note on Thursday, May 14th. They issued a "buy" rating and a $32.00 price objective for the company. BTIG Research reissued a "buy" rating and issued a $25.00 price objective on shares of Cipher Mining in a research note on Wednesday, May 6th. Morgan Stanley raised their target price on shares of Cipher Mining to $42.50 and gave the company an "overweight" rating in a research note on Tuesday. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cipher Mining in a research note on Friday, March 27th. Fifteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Cipher Mining has a consensus rating of "Moderate Buy" and a consensus price target of $27.00.

Cipher Mining Stock Performance

CIFR opened at $19.48 on Thursday. The stock has a market capitalization of $7.97 billion, a price-to-earnings ratio of -8.36 and a beta of 3.13. The company has a fifty day moving average of $16.87 and a 200 day moving average of $16.91. Cipher Mining Inc. has a fifty-two week low of $3.08 and a fifty-two week high of $25.52. The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). The company had revenue of $34.84 million for the quarter, compared to analysts' expectations 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 for the quarter was down 28.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.

Insider Activity at Cipher Mining

In other Cipher Mining news, CEO Tyler Page sold 37,500 shares of Cipher Mining stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $16.11, for a total value of $604,125.00. Following the completion of the transaction, the chief executive officer directly owned 8,263,862 shares of the company's stock, valued at $133,130,816.82. This trade represents a 0.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Wesley Hastie Williams sold 28,169 shares of Cipher Mining stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $22.26, for a total transaction of $627,041.94. Following the completion of the transaction, the director directly owned 129,976 shares of the company's stock, valued at $2,893,265.76. The trade was a 17.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 244,398 shares of company stock valued at $4,276,690 in the last ninety days. Corporate insiders own 2.63% of the company's stock.

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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