Helix Partners Management LP Takes Position in Cipher Mining Inc. $CIFR

Key Points

• Helix Partners Management LP initiated a new position in Cipher Mining during the first quarter, buying 279,200 shares valued at about $3.59 million. The stake represents roughly 1% of Helix’s portfolio and about 0.07% of Cipher Mining.
• Cipher Mining reported mixed quarterly results, with EPS of -$0.28 slightly missing estimates and revenue of $34.84 million falling short of expectations. Revenue also declined 28.8% year over year, and analysts expect a loss of $0.8 per share for the full year.
• Sentiment remains divided: several analysts have buy/overweight ratings and an average price target of $28.22, while insiders have been selling shares, including two directors who reduced their holdings in May.

Helix Partners Management LP acquired a new stake in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 279,200 shares of the company's stock, valued at approximately $3,593,000. Cipher Mining accounts for approximately 1.0% of Helix Partners Management LP's holdings, making the stock its 8th biggest holding. Helix Partners Management LP owned approximately 0.07% of Cipher Mining as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of CIFR. Entropy Technologies LP purchased a new stake in shares of Cipher Mining during the 1st quarter valued at $143,000. Galaxy Digital Capital Management GP LLC grew its stake in Cipher Mining by 112.6% during the 1st quarter. Galaxy Digital Capital Management GP LLC now owns 505,466 shares of the company's stock worth $6,505,000 after buying an additional 267,715 shares during the last quarter. Galaxy Digital Inc. purchased a new position in Cipher Mining during the 1st quarter worth $579,000. Renaissance Technologies LLC acquired a new position in Cipher Mining during the 1st quarter valued at about $24,486,000. Finally, Sei Investments Co. increased its position in Cipher Mining by 174.4% during the 1st quarter. Sei Investments Co. now owns 104,260 shares of the company's stock valued at $1,342,000 after buying an additional 66,267 shares in the last quarter. Institutional investors own 12.26% of the company's stock.

Cipher Mining Stock Down 10.3%

Cipher Mining stock opened at $23.15 on Friday. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13. The firm has a market cap of $9.47 billion, a price-to-earnings ratio of -9.94 and a beta of 3.18. The business's 50-day moving average price is $23.27 and its 200 day moving average price is $18.93. Cipher Mining Inc. has a 52 week low of $4.55 and a 52 week high of $30.14.

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

Insider Buying and Selling at Cipher Mining

In other news, Director Cary M. Grossman sold 20,000 shares of the company's stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $21.82, for a total transaction of $436,400.00. Following the completion of the transaction, the director directly owned 150,530 shares of the company's stock, valued at $3,284,564.60. This represents a 11.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Wesley Hastie Williams sold 28,169 shares of the company's 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 transaction, the director owned 129,976 shares of the company's stock, valued at $2,893,265.76. This represents a 17.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 3,245,336 shares of company stock worth $83,803,938. 2.63% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CIFR shares. HC Wainwright increased their price target on Cipher Mining from $25.00 to $30.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Morgan Stanley dropped their price target on Cipher Mining from $48.50 to $47.00 and set an "overweight" rating on the stock in a research note on Monday. Cantor Fitzgerald cut their price objective 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. Needham & Company LLC increased their price objective on shares of Cipher Mining from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, May 15th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Cipher Mining in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $28.22.

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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