JPMorgan Chase & Co. Buys 2,023,994 Shares of Cipher Mining Inc. $CIFR

Key Points

• JPMorgan Chase increased its stake in Cipher Mining by 996.9% in Q2, acquiring an additional 2,023,994 shares to hold 2,227,021 shares (about 0.57% of the company) worth roughly $10.6 million.
• A major insider, Holding Ltd V3, sold 3,504,540 shares at an average of $12.36 (≈$43.3M), and insiders have disposed of 18,298,308 shares over the last three months, indicating notable insider selling activity.
• Analysts have turned broadly bullish—multiple firms raised price targets and ratings (13 Buys, 1 Hold, 1 Sell), giving a consensus rating of "Moderate Buy" with a consensus price target of $24.73.

JPMorgan Chase & Co. raised its stake in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 996.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,227,021 shares of the company's stock after acquiring an additional 2,023,994 shares during the quarter. JPMorgan Chase & Co. owned about 0.57% of Cipher Mining worth $10,645,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Millennium Management LLC acquired a new position in shares of Cipher Mining during the first quarter worth approximately $9,316,000. Alyeska Investment Group L.P. acquired a new position in Cipher Mining during the 1st quarter worth $7,094,000. Helix Partners Management LP lifted its holdings in Cipher Mining by 95.8% during the 1st quarter. Helix Partners Management LP now owns 4,400,000 shares of the company's stock worth $10,120,000 after buying an additional 2,153,058 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Cipher Mining by 52.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company's stock valued at $10,765,000 after buying an additional 1,610,073 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Cipher Mining by 18.1% in the 2nd quarter. Geode Capital Management LLC now owns 7,242,210 shares of the company's stock valued at $34,621,000 after buying an additional 1,108,850 shares during the period. 12.26% of the stock is owned by institutional investors.

Insider Activity

In related news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the company's stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $12.36, for a total value of $43,316,114.40. Following the completion of the sale, the insider owned 71,437,719 shares in the company, valued at $882,970,206.84. This represents a 4.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have sold 18,298,308 shares of company stock valued at $262,062,894. 2.63% of the stock is owned by insiders.

Cipher Mining Price Performance

Cipher Mining stock opened at $19.48 on Tuesday. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 1.31. The firm has a market capitalization of $7.70 billion, a P/E ratio of -108.22 and a beta of 2.91. The business has a 50-day moving average of $18.08 and a 200-day moving average of $10.49. Cipher Mining Inc. has a 1 year low of $1.86 and a 1 year high of $25.52.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.08) by $0.07. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. The firm had revenue of $106.69 million during the quarter, compared to analysts' expectations of $79.13 million. On average, equities analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on CIFR. Canaccord Genuity Group reaffirmed a "buy" rating and set a $27.00 price target (up previously from $16.00) on shares of Cipher Mining in a research note on Tuesday, November 4th. Wall Street Zen raised Cipher Mining from a "sell" rating to a "hold" rating in a report on Saturday, November 8th. Macquarie upped their target price on shares of Cipher Mining from $16.00 to $27.00 and gave the company an "outperform" rating in a research report on Wednesday, October 22nd. HC Wainwright lifted their price target on shares of Cipher Mining to $30.00 and gave the stock a "buy" rating in a research report on Monday, November 3rd. Finally, Rosenblatt Securities boosted their price target on shares of Cipher Mining to $33.00 and gave the stock a "buy" rating in a research note on Tuesday, November 4th. Thirteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $24.73.

Cipher Mining Company 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.

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