Jennison Associates LLC Has $32.42 Million Stock Holdings in Cipher Mining Inc. $CIFR

Key Points

• Jennison Associates LLC increased its Cipher Mining stake by 48.7% in the first quarter, ending with 2.52 million shares valued at about $32.4 million. The firm now owns roughly 0.62% of the bitcoin miner.
• Cipher Mining reported a wider-than-expected loss for the quarter, with EPS of -$0.28 versus estimates of -$0.27, and revenue of $34.84 million that fell 28.8% from a year earlier.
• Insider selling has been notable, including a director sale and a larger sale by a major shareholder, while analysts remain mixed but generally positive with a Moderate Buy consensus and an average price target of $28.22.

Jennison Associates LLC grew its stake in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 48.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 2,519,281 shares of the company's stock after acquiring an additional 824,618 shares during the quarter. Jennison Associates LLC owned about 0.62% of Cipher Mining worth $32,423,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of CIFR. Abel Hall LLC increased its holdings in Cipher Mining by 3.8% in the 1st quarter. Abel Hall LLC now owns 20,140 shares of the company's stock valued at $259,000 after buying an additional 739 shares during the period. CWM LLC lifted its holdings in shares of Cipher Mining by 43.3% during the 4th quarter. CWM LLC now owns 2,661 shares of the company's stock worth $39,000 after acquiring an additional 804 shares during the period. Prospera Financial Services Inc boosted its position in shares of Cipher Mining by 6.7% during the 4th quarter. Prospera Financial Services Inc now owns 15,600 shares of the company's stock worth $230,000 after acquiring an additional 980 shares in the last quarter. GAMMA Investing LLC increased 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 acquiring an additional 1,286 shares during the last quarter. Finally, Arax Advisory Partners increased 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 acquiring an additional 1,338 shares during the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

Cipher Mining Stock Performance

Shares of Cipher Mining stock opened at $20.54 on Tuesday. Cipher Mining Inc. has a fifty-two week low of $4.55 and a fifty-two week high of $30.14. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. The firm has a market capitalization of $8.40 billion, a P/E ratio of -8.82 and a beta of 3.18. The company's 50 day moving average price is $23.02 and its two-hundred day moving average price is $18.71.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly 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 return on equity of 117.65% and a negative net margin of 427.79%.The company had revenue of $34.84 million for the quarter, compared to analyst estimates of $36.12 million. The company's revenue was down 28.8% compared to the same quarter last year. On average, equities analysts forecast that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, Director Wesley Hastie Williams sold 14,567 shares of the company's stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $21.41, for a total value of $311,879.47. Following the completion of the transaction, the director owned 115,409 shares of the company's stock, valued at $2,470,906.69. This represents a 11.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Holding Ltd V3 sold 1,200,000 shares of the company's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $25.49, for a total value of $30,588,000.00. Following the completion of the transaction, the insider directly owned 58,316,694 shares of the company's stock, valued at approximately $1,486,492,530.06. The trade was a 2.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 3,245,336 shares of company stock worth $83,803,938 over the last three months. 2.63% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CIFR shares. Cantor Fitzgerald cut their target price on Cipher Mining from $24.00 to $22.00 and set an "overweight" rating for the company in a research note on Thursday, April 9th. Zacks Research upgraded Cipher Mining from a "strong sell" rating to a "hold" rating in a research note on Wednesday, March 25th. Needham & Company LLC upped their price objective on Cipher Mining from $22.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, May 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cipher Mining in a research note on Wednesday, June 24th. Finally, BTIG Research lifted their target price on Cipher Mining from $25.00 to $35.00 and gave the company a "buy" rating in a research report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $28.22.

Cipher Mining Company 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.

Want to see what other hedge funds are holding CIFR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cipher Mining Inc. (NASDAQ:CIFR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.