Pictet Asset Management Holding SA Has $780,000 Position in Cipher Mining Inc. $CIFR

Key Points

• Pictet Asset Management cut its Cipher Mining stake by 66.5% in the first quarter, leaving it with 60,626 shares worth about $780,000.
• Wall Street sentiment on Cipher Mining remains upbeat, with several analysts raising price targets; the stock now has a Moderate Buy consensus and an average target price of $28.31.
• Insider selling has been notable, and the company also reported a weak quarter with missed EPS and revenue estimates, while revenue fell 28.8% year over year.

Pictet Asset Management Holding SA lessened its holdings in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 66.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,626 shares of the company's stock after selling 120,472 shares during the period. Pictet Asset Management Holding SA's holdings in Cipher Mining were worth $780,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in Cipher Mining by 43.2% during the 4th quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company's stock worth $482,360,000 after acquiring an additional 9,865,533 shares during the period. Situational Awareness LP increased its holdings in shares of Cipher Mining by 82.4% in the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company's stock valued at $154,524,000 after purchasing an additional 4,728,600 shares during the period. Geode Capital Management LLC increased its holdings in shares of Cipher Mining by 7.3% in the 4th quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company's stock valued at $120,519,000 after purchasing an additional 558,105 shares during the period. State Street Corp lifted its position in shares of Cipher Mining by 10.2% in the fourth quarter. State Street Corp now owns 8,078,423 shares of the company's stock worth $119,238,000 after purchasing an additional 745,030 shares in the last quarter. Finally, Value Aligned Research Advisors LLC lifted its position in shares of Cipher Mining by 45.9% in the fourth quarter. Value Aligned Research Advisors LLC now owns 7,447,495 shares of the company's stock worth $109,925,000 after purchasing an additional 2,342,958 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on CIFR shares. Needham & Company LLC boosted their price objective on shares of Cipher Mining from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, May 15th. BTIG Research increased their target price on shares of Cipher Mining from $25.00 to $35.00 and gave the stock a "buy" rating in a research report on Wednesday, June 24th. HC Wainwright lifted their target price on shares of Cipher Mining from $25.00 to $30.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Zacks Research upgraded shares of Cipher Mining from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 25th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Cipher Mining from $23.00 to $27.00 and gave the stock an "outperform" rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $28.31.

Insider Activity at Cipher Mining

In other news, Director Wesley Hastie Williams sold 28,169 shares of the firm's stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $22.26, for a total transaction of $627,041.94. Following the transaction, the director owned 129,976 shares in the company, valued at approximately $2,893,265.76. This trade represents a 17.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Cary M. Grossman sold 20,000 shares of the company's stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $21.82, for a total transaction of $436,400.00. Following the completion of the sale, the director owned 150,530 shares of the company's stock, valued at $3,284,564.60. This represents a 11.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 3,132,836 shares of company stock worth $81,420,063 over the last quarter. 2.63% of the stock is currently owned by corporate insiders.

Cipher Mining Trading Up 6.7%

Shares of NASDAQ CIFR opened at $21.85 on Thursday. The business has a 50 day simple moving average of $22.95 and a 200 day simple moving average of $18.46. Cipher Mining Inc. has a 52 week low of $4.55 and a 52 week high of $30.14. The stock has a market cap of $8.94 billion, a price-to-earnings ratio of -9.38 and a beta of 3.18. The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). The business had revenue of $34.84 million for the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The firm's revenue was down 28.8% compared to the same quarter last year. On average, research analysts predict that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal 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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