Cipher Mining Inc. $CIFR Shares Acquired by HighTower Advisors LLC

Key Points

• HighTower Advisors LLC significantly increased its holdings in Cipher Mining by 309.4% in Q1, owning 73,810 shares valued at $170,000.
• Shares of Cipher Mining opened at $7.40 with a market cap of $2.91 billion, and have a one-year price range between $1.86 and $8.78.
• Insider selling has been notable, with major shareholders disposing of over 6 million shares in recent months, indicating a 0.68% decrease in their positions.

HighTower Advisors LLC boosted its position in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 309.4% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 73,810 shares of the company's stock after acquiring an additional 55,782 shares during the quarter. HighTower Advisors LLC's holdings in Cipher Mining were worth $170,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Impact Partnership Wealth LLC purchased a new stake in Cipher Mining in the first quarter valued at approximately $109,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Cipher Mining by 5.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,319,563 shares of the company's stock worth $7,635,000 after purchasing an additional 180,010 shares during the last quarter. Maridea Wealth Management LLC lifted its position in Cipher Mining by 169.5% during the first quarter. Maridea Wealth Management LLC now owns 551,522 shares of the company's stock valued at $1,269,000 after purchasing an additional 346,911 shares during the period. Vontobel Holding Ltd. boosted its holdings in Cipher Mining by 76.8% in the first quarter. Vontobel Holding Ltd. now owns 147,872 shares of the company's stock valued at $340,000 after purchasing an additional 64,240 shares during the last quarter. Finally, Private Advisor Group LLC grew its position in Cipher Mining by 249.3% during the 1st quarter. Private Advisor Group LLC now owns 701,804 shares of the company's stock worth $1,614,000 after purchasing an additional 500,864 shares during the period. 12.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Canaccord Genuity Group boosted their price objective on Cipher Mining from $8.00 to $9.00 and gave the company a "buy" rating in a report on Tuesday, August 19th. Macquarie upped their price objective on Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Cantor Fitzgerald raised their target price on Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research report on Thursday, June 5th. Finally, Jones Trading began coverage on Cipher Mining in a report on Monday, July 21st. They issued a "hold" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, Cipher Mining has an average rating of "Moderate Buy" and an average target price of $7.67.

Insider Transactions at Cipher Mining

In related news, Director Cary M. Grossman sold 75,000 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $5.89, for a total value of $441,750.00. Following the completion of the transaction, the director directly owned 225,530 shares of the company's stock, valued at approximately $1,328,371.70. This represents a 24.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Holding Ltd V3 sold 600,000 shares of the firm's stock in a transaction on Monday, September 8th. The shares were sold at an average price of $7.48, for a total value of $4,488,000.00. Following the completion of the transaction, the insider owned 85,442,259 shares in the company, valued at $639,108,097.32. The trade was a 0.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,966,662 shares of company stock valued at $52,134,046 over the last ninety days. Company insiders own 2.89% of the company's stock.

Cipher Mining Price Performance

Cipher Mining stock traded up $1.03 during midday trading on Wednesday, reaching $10.25. The company had a trading volume of 69,104,099 shares, compared to its average volume of 31,742,020. 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 Inc. has a 12-month low of $1.86 and a 12-month high of $10.43. The company has a market capitalization of $4.03 billion, a P/E ratio of -23.84 and a beta of 2.76. The firm's fifty day simple moving average is $6.31 and its 200-day simple moving average is $4.33.

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

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.