Invesco Ltd. Decreases Position in Cipher Mining Inc. $CIFR

Key Points

• Invesco Ltd. has reduced its stock stake in Cipher Mining Inc. by 11.2%, now holding approximately 5.72 million shares worth around $13.16 million.
• Major shareholder Top Holdco B.V. Bitfury and other insiders have sold a significant number of shares recently, decreasing their ownership stakes in the company.
• Cipher Mining's stock has shown upward momentum, trading up 8.1%, with a market cap of $2.51 billion and a recent earnings per share (EPS) report matching analysts' expectations.

Invesco Ltd. reduced its holdings in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 11.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,721,345 shares of the company's stock after selling 722,378 shares during the period. Invesco Ltd. owned approximately 1.54% of Cipher Mining worth $13,159,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of CIFR. NewEdge Advisors LLC bought a new stake in shares of Cipher Mining during the fourth quarter worth $29,000. FNY Investment Advisers LLC lifted its position in Cipher Mining by 42.9% during the first quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock worth $36,000 after acquiring an additional 4,800 shares during the last quarter. Valeo Financial Advisors LLC acquired a new position in Cipher Mining in the 1st quarter valued at $37,000. Rafferty Asset Management LLC bought a new position in Cipher Mining during the fourth quarter worth about $49,000. Finally, Captrust Financial Advisors bought a new stake in shares of Cipher Mining in the fourth quarter valued at approximately $54,000. 12.26% of the stock is owned by institutional investors.

Cipher Mining Stock Performance

Shares of CIFR traded up $0.14 during trading hours on Thursday, hitting $7.13. The stock had a trading volume of 14,505,581 shares, compared to its average volume of 21,226,496. 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 $7.77. The firm has a market capitalization of $2.80 billion, a PE ratio of -16.62 and a beta of 2.73. The stock has a fifty day moving average price of $5.55 and a 200 day moving average price of $4.18.

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

Insider Buying and Selling

In related news, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the business's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $6.11, for a total value of $4,075,431.10. Following the completion of the sale, the insider owned 93,667,437 shares in the company, valued at approximately $572,308,040.07. The trade was a 0.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Holding Ltd V3 sold 500,000 shares of the business's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $6.19, for a total value of $3,095,000.00. Following the completion of the sale, the insider owned 91,378,292 shares of the company's stock, valued at $565,631,627.48. The trade was a 0.54% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,466,662 shares of company stock worth $33,020,046. Insiders own 2.89% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on CIFR. Macquarie boosted their target price on shares of Cipher Mining from $6.00 to $8.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Rosenblatt Securities reiterated a "buy" rating and issued a $5.50 target price on shares of Cipher Mining in a report on Wednesday, May 7th. 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 report on Tuesday, August 19th. HC Wainwright reissued a "buy" rating on shares of Cipher Mining in a research report on Tuesday, May 6th. Finally, Jones Trading initiated coverage on Cipher Mining in a research note on Monday, July 21st. They issued a "hold" rating on the stock. One 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 company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $7.67.

About Cipher Mining

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.