HighTower Advisors LLC Sells 76,827 Shares of Cipher Mining Inc. $CIFR

HighTower Advisors LLC trimmed its holdings in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 11.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 588,667 shares of the company's stock after selling 76,827 shares during the quarter. HighTower Advisors LLC owned about 0.14% of Cipher Mining worth $14,422,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Bank of America Corp DE lifted its holdings in Cipher Mining by 237.7% in the 1st quarter. Bank of America Corp DE now owns 1,414,667 shares of the company's stock worth $18,207,000 after purchasing an additional 995,735 shares during the last quarter. Moore Capital Management LP acquired a new position in Cipher Mining during the second quarter valued at approximately $35,077,000. Foundations Investment Advisors LLC bought a new position in shares of Cipher Mining in the fourth quarter valued at approximately $667,000. Wellington Management Group LLP raised its position in shares of Cipher Mining by 567.1% in the second quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company's stock valued at $97,652,000 after purchasing an additional 3,388,359 shares during the period. Finally, Purpose Unlimited Inc. acquired a new stake in shares of Cipher Mining in the fourth quarter worth $1,558,000. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Price Performance

NASDAQ:CIFR opened at $16.90 on Thursday. The company has a 50-day moving average of $18.95 and a 200-day moving average of $19.16. The company has a market capitalization of $7.01 billion, a price-to-earnings ratio of -5.91 and a beta of 3.15. Cipher Mining Inc. has a 52 week low of $9.25 and a 52 week high of $30.14. The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.40). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The business had revenue of $24.84 million during the quarter, compared to the consensus estimate of $31.86 million. During the same period in the previous year, the firm earned ($0.12) EPS. As a group, equities research analysts anticipate that Cipher Mining Inc. will post -1.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other news, Director James E. Newsome sold 3,758 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $26.60, for a total value of $99,962.80. Following the completion of the transaction, the director directly owned 128,530 shares of the company's stock, valued at approximately $3,418,898. This represents a 2.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Cary M. Grossman sold 15,000 shares of the business's stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $29.43, for a total value of $441,450.00. Following the completion of the sale, the director directly owned 143,829 shares in the company, valued at approximately $4,232,887.47. This represents a 9.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 131,258 shares of company stock valued at $2,925,288. 3.09% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CIFR. UBS Group set a $30.00 price target on Cipher Mining in a research report on Monday, August 10th. Chardan Capital restated a "buy" rating and set a $32.00 target price on shares of Cipher Mining in a research note on Tuesday, August 4th. Sanford C. Bernstein initiated coverage on Cipher Mining in a report on Wednesday, June 3rd. They issued an "outperform" rating and a $32.00 target price on the stock. Jefferies Financial Group started coverage on Cipher Mining in a research report on Thursday, May 14th. They issued a "buy" rating and a $32.00 price target on the stock. Finally, Needham & Company LLC upped their price target on Cipher Mining from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $28.61.

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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