Helix Partners Management LP Purchases 2,153,058 Shares of Cipher Mining Inc. $CIFR

Key Points

• Helix Partners Management LP increased its stake in Cipher Mining Inc. by 95.8%, now holding 4,400,000 shares after acquiring an additional 2,153,058 shares, making it the fund's fourth largest holding.
• Several analysts raised their price targets for Cipher Mining, with ranges now set between $6.00 and $9.00, maintaining a consensus rating of "Moderate Buy."
• Cipher Mining reported a quarterly revenue of $43.57 million but fell short of analyst estimates, with a negative net margin of 96.95% and a projected EPS of -0.31 for the current year.

Helix Partners Management LP lifted its holdings in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 95.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,400,000 shares of the company's stock after purchasing an additional 2,153,058 shares during the period. Cipher Mining accounts for about 3.0% of Helix Partners Management LP's investment portfolio, making the stock its 4th biggest holding. Helix Partners Management LP owned approximately 1.19% of Cipher Mining worth $10,120,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Driehaus Capital Management LLC acquired a new position in Cipher Mining during the 4th quarter worth $9,439,000. Voloridge Investment Management LLC bought a new position in Cipher Mining during the fourth quarter worth about $5,378,000. Vident Advisory LLC boosted its stake in Cipher Mining by 29.4% in the 4th quarter. Vident Advisory LLC now owns 4,250,078 shares of the company's stock valued at $19,720,000 after buying an additional 965,648 shares in the last quarter. D. E. Shaw & Co. Inc. acquired a new stake in shares of Cipher Mining in the 4th quarter valued at $4,191,000. Finally, Point72 Asset Management L.P. bought a new stake in Cipher Mining during the fourth quarter worth about $3,404,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CIFR has been the topic of several research analyst reports. Cantor Fitzgerald increased their target price on Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a report on Thursday, June 5th. Jones Trading initiated coverage on shares of Cipher Mining in a report on Monday, July 21st. They set a "hold" rating for the company. Macquarie upped their price target on Cipher Mining from $6.00 to $8.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Rosenblatt Securities reaffirmed a "buy" rating and set a $5.50 price objective on shares of Cipher Mining in a research note on Wednesday, May 7th. Finally, Canaccord Genuity Group lifted their price target on shares of Cipher Mining from $8.00 to $9.00 and gave the company a "buy" rating in a research note on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $7.67.

Cipher Mining Stock Performance

CIFR opened at $7.12 on Wednesday. The business has a fifty day simple moving average of $5.48 and a 200 day simple moving average of $4.16. The company has a market capitalization of $2.80 billion, a PE ratio of -16.56 and a beta of 2.73. Cipher Mining Inc. has a 1 year low of $1.86 and a 1 year high of $7.77. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, hitting analysts' consensus estimates of ($0.12). Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. The business had revenue of $43.57 million for the quarter, compared to analyst estimates of $51.89 million. Research analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current year.

Insider Activity at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 289,145 shares of the business's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $6.06, for a total transaction of $1,752,218.70. Following the completion of the transaction, the insider owned 93,378,292 shares of the company's stock, valued at approximately $565,872,449.52. The trade was a 0.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Cary M. Grossman sold 75,000 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $5.89, for a total value of $441,750.00. Following the completion of the transaction, the director owned 225,530 shares of the company's stock, valued at $1,328,371.70. This represents a 24.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,466,662 shares of company stock worth $33,020,046 in the last quarter. 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.

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