Quantbot Technologies LP Makes New Investment in Cipher Mining Inc. $CIFR

Key Points

• Quantbot Technologies LP acquired 447,597 shares of Cipher Mining Inc. during the 1st quarter, valued at approximately $1,029,000, representing about 0.12% of the company's stock.
• Cipher Mining's shares opened at $6.38 with a market capitalization of $2.51 billion, and analysts have set a consensus target price of $7.67 with nine "buy" ratings.
• Insiders have sold a significant amount of shares recently, with total insider sales over the last 90 days reaching 5,466,662 shares worth around $33 million.

Quantbot Technologies LP bought a new stake in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 447,597 shares of the company's stock, valued at approximately $1,029,000. Quantbot Technologies LP owned approximately 0.12% of Cipher Mining at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Wellington Management Group LLP grew its position in Cipher Mining by 11.7% in the first quarter. Wellington Management Group LLP now owns 27,990 shares of the company's stock valued at $64,000 after purchasing an additional 2,940 shares in the last quarter. RR Advisors LLC bought a new position in Cipher Mining in the first quarter valued at $619,000. American Century Companies Inc. grew its position in Cipher Mining by 5.8% in the first quarter. American Century Companies Inc. now owns 481,571 shares of the company's stock valued at $1,108,000 after purchasing an additional 26,530 shares in the last quarter. HighTower Advisors LLC grew its position in Cipher Mining by 309.4% in the first quarter. HighTower Advisors LLC now owns 73,810 shares of the company's stock valued at $170,000 after purchasing an additional 55,782 shares in the last quarter. Finally, Swiss National Bank grew its position in Cipher Mining by 4.2% in the first quarter. Swiss National Bank now owns 471,700 shares of the company's stock valued at $1,085,000 after purchasing an additional 18,900 shares in the last quarter. Institutional investors own 12.26% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Canaccord Genuity Group raised their target price on shares of Cipher Mining from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Tuesday, August 19th. Rosenblatt Securities reiterated a "buy" rating and issued a $5.50 price target on shares of Cipher Mining in a research note on Wednesday, May 7th. Macquarie increased their price target on shares of Cipher Mining from $6.00 to $8.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. HC Wainwright reiterated a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. Finally, Cantor Fitzgerald increased their price target on shares of Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research note on Thursday, June 5th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $7.67.

Cipher Mining Stock Performance

NASDAQ:CIFR traded up $0.07 during mid-day trading on Thursday, reaching $7.06. 16,386,059 shares of the company's stock were exchanged, compared to its average volume of 21,239,844. Cipher Mining Inc. has a one year low of $1.86 and a one year high of $7.77. The firm has a market capitalization of $2.77 billion, a PE ratio of -16.43 and a beta of 2.73. The business's fifty day simple moving average is $5.55 and its two-hundred day simple moving average is $4.18. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, hitting analysts' consensus estimates of ($0.12). Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. The business had revenue of $43.57 million for the quarter, compared to analyst estimates of $51.89 million. Analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of Cipher Mining stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $6.11, for a total transaction of $4,075,431.10. Following the sale, the insider directly owned 93,667,437 shares of the company's stock, valued at approximately $572,308,040.07. The trade was a 0.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Holding Ltd V3 sold 500,000 shares of Cipher Mining stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $6.19, for a total transaction of $3,095,000.00. Following the sale, the insider directly owned 91,378,292 shares in the company, valued at $565,631,627.48. This trade represents a 0.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,466,662 shares of company stock worth $33,020,046. Insiders own 2.89% of the company's stock.

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.