Ionic Capital Management LLC Sells 46,800 Shares of Cipher Mining Inc. $CIFR

Key Points

• Ionic Capital Management cut its Cipher Mining stake by 58.5% in the fourth quarter, selling 46,800 shares and leaving it with 33,200 shares valued at about $490,000.
• Insider selling has been significant, including CEO Tyler Page and Director Cary M. Grossman, with insiders selling 3.18 million shares worth roughly $81.8 million over the last 90 days.
• Analyst sentiment remains mostly positive: Cipher Mining carries a “Moderate Buy” consensus with a $27.69 target price, even as its latest quarterly results missed EPS and revenue expectations.

Ionic Capital Management LLC lowered its stake in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 58.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 33,200 shares of the company's stock after selling 46,800 shares during the period. Ionic Capital Management LLC's holdings in Cipher Mining were worth $490,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Los Angeles Capital Management LLC bought a new position in shares of Cipher Mining in the fourth quarter worth $25,000. Arax Advisory Partners boosted its stake in Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company's stock valued at $27,000 after buying an additional 1,338 shares in the last quarter. GAMMA Investing LLC boosted its stake in Cipher Mining by 218.3% in the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company's stock valued at $28,000 after buying an additional 1,286 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in Cipher Mining in the fourth quarter valued at about $28,000. Finally, Danske Bank A S boosted its stake in Cipher Mining by 1,150.0% in the fourth quarter. Danske Bank A S now owns 2,500 shares of the company's stock valued at $37,000 after buying an additional 2,300 shares in the last quarter. Institutional investors own 12.26% of the company's stock.

Insider Activity

In other news, CEO Tyler Page sold 37,500 shares of Cipher Mining stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of $16.11, for a total transaction of $604,125.00. Following the sale, the chief executive officer directly owned 8,263,862 shares of the company's stock, valued at approximately $133,130,816.82. This trade represents a 0.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Cary M. Grossman sold 20,000 shares of Cipher Mining stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $21.82, for a total value of $436,400.00. Following the sale, the director directly owned 150,530 shares in the company, valued at $3,284,564.60. The trade was a 11.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 3,178,236 shares of company stock valued at $81,848,926. 2.63% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CIFR. Jefferies Financial Group began coverage on Cipher Mining in a research note on Thursday, May 14th. They issued a "buy" rating and a $32.00 price objective on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cipher Mining in a research note on Friday, March 27th. Needham & Company LLC raised their price objective on Cipher Mining from $22.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, May 15th. Cantor Fitzgerald reduced their price objective on Cipher Mining from $24.00 to $22.00 and set an "overweight" rating on the stock in a research note on Thursday, April 9th. Finally, BTIG Research reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Cipher Mining in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $27.69.

Cipher Mining Stock Performance

Shares of CIFR stock opened at $26.35 on Thursday. The business's 50-day moving average price is $20.89 and its 200-day moving average price is $17.75. Cipher Mining Inc. has a 12 month low of $3.29 and a 12 month high of $28.62. The firm has a market capitalization of $10.78 billion, a price-to-earnings ratio of -11.31 and a beta of 3.18. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 6.13.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $36.12 million. Cipher Mining's revenue for the quarter was down 28.8% compared to the same quarter last year. Equities research analysts forecast that Cipher Mining Inc. will post -0.8 EPS for the current year.

About Cipher Mining

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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