Private Advisor Group LLC Buys 500,864 Shares of Cipher Mining Inc. (NASDAQ:CIFR)

Key Points

• Private Advisor Group LLC significantly increased its holdings in Cipher Mining Inc. by 249.3%, acquiring 500,864 additional shares in Q1, bringing its total ownership to 701,804 shares valued at approximately $1.61 million.
• Insider activity revealed major shareholder Top Holdco B.V. Bitfury sold 667,010 shares at an average price of $6.11, decreasing their ownership by 0.71% and leaving them with shares valued at over $572 million.
• Cipher Mining's stock has shown a downward trend, currently priced at $6.47 after a 2.7% decline, with analysts generally maintaining a buy rating and an average target price of $7.63.

Private Advisor Group LLC boosted its holdings in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 249.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 701,804 shares of the company's stock after purchasing an additional 500,864 shares during the quarter. Private Advisor Group LLC owned about 0.19% of Cipher Mining worth $1,614,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CIFR. Voya Investment Management LLC raised its position in Cipher Mining by 3.6% during the 4th quarter. Voya Investment Management LLC now owns 59,135 shares of the company's stock worth $274,000 after buying an additional 2,036 shares during the last quarter. Xponance Inc. grew its stake in shares of Cipher Mining by 17.8% during the 4th quarter. Xponance Inc. now owns 14,151 shares of the company's stock worth $66,000 after purchasing an additional 2,140 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Cipher Mining by 17.4% during the 4th quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company's stock worth $67,000 after purchasing an additional 2,149 shares during the period. Mackenzie Financial Corp grew its stake in shares of Cipher Mining by 26.6% during the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company's stock worth $61,000 after purchasing an additional 2,754 shares during the period. Finally, SBI Securities Co. Ltd. grew its stake in shares of Cipher Mining by 13.0% during the 1st quarter. SBI Securities Co. Ltd. now owns 29,948 shares of the company's stock worth $69,000 after purchasing an additional 3,455 shares during the period. Hedge funds and other institutional investors own 12.26% of the company's stock.

Insider Transactions at Cipher Mining

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 500,000 shares of the business's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $6.55, for a total transaction of $3,275,000.00. Following the sale, the insider owned 92,878,292 shares in the company, valued at approximately $608,352,812.60. The trade was a 0.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 289,145 shares of Cipher Mining stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $6.06, for a total transaction of $1,752,218.70. Following the transaction, the insider owned 93,378,292 shares in the company, valued at approximately $565,872,449.52. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,878,290 shares of company stock worth $23,349,097. Company insiders own 2.89% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Canaccord Genuity Group reaffirmed a "buy" rating and set a $8.00 price target on shares of Cipher Mining in a research note on Thursday, May 8th. HC Wainwright reiterated a "buy" rating on shares of Cipher Mining in a report on Tuesday, May 6th. Jones Trading started coverage on shares of Cipher Mining in a report on Monday, July 21st. They issued a "hold" rating on the stock. Cantor Fitzgerald raised their price target on shares of Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a report on Thursday, June 5th. Finally, Rosenblatt Securities reissued a "buy" rating and set a $5.50 price target on shares of Cipher Mining in a research report on Wednesday, May 7th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Cipher Mining has an average rating of "Buy" and an average target price of $7.63.

Cipher Mining Stock Performance

CIFR stock traded down $0.34 during mid-day trading on Tuesday, reaching $5.82. The company had a trading volume of 6,323,863 shares, compared to its average volume of 21,026,789. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $1.95 billion, a P/E ratio of -16.23 and a beta of 2.72. Cipher Mining Inc. has a one year low of $1.86 and a one year high of $7.77. The stock's 50-day simple moving average is $4.71 and its two-hundred day simple moving average is $4.13.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.11). Cipher Mining had a negative net margin of 81.21% and a negative return on equity of 17.77%. The business had revenue of $48.96 million for the quarter, compared to analysts' expectations of $53.57 million. Research analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current year.

Cipher Mining 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.