SRN Advisors LLC Purchases 84,148 Shares of Cipher Mining Inc. $CIFR

Key Points

• SRN Advisors LLC increased its stake in Cipher Mining Inc. by 42.1%, now holding 284,148 shares valued at approximately $654,000.
• Analysts have a generally positive outlook on Cipher Mining, with a consensus rating of "Moderate Buy" and an average target price of $7.67 for its shares.
• Insider trading activity included several significant sales, with major shareholders selling more than 5 million shares collectively in recent months, reflecting possible profit-taking.

SRN Advisors LLC raised its holdings in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 42.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 284,148 shares of the company's stock after acquiring an additional 84,148 shares during the quarter. SRN Advisors LLC owned about 0.08% of Cipher Mining worth $654,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. NewEdge Advisors LLC acquired a new stake in Cipher Mining in the fourth quarter worth $29,000. Rafferty Asset Management LLC acquired a new stake in Cipher Mining in the fourth quarter worth $49,000. Captrust Financial Advisors acquired a new stake in Cipher Mining in the fourth quarter worth $54,000. Stoneridge Investment Partners LLC acquired a new stake in Cipher Mining in the first quarter worth $29,000. Finally, GTS Securities LLC acquired a new stake in Cipher Mining in the fourth quarter worth $60,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cipher Mining

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

Wall Street Analysts Forecast Growth

CIFR has been the topic of several analyst reports. Cantor Fitzgerald increased their target price on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a report on Thursday, June 5th. Rosenblatt Securities restated a "buy" rating and set a $5.50 price objective on shares of Cipher Mining in a report on Wednesday, May 7th. HC Wainwright restated 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 set a "hold" rating on the stock. Finally, Macquarie raised their price objective on shares of Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $7.67.

Cipher Mining Stock Down 2.5%

CIFR stock traded down $0.21 during midday trading on Wednesday, hitting $8.11. The company's stock had a trading volume of 43,891,533 shares, compared to its average volume of 21,939,643. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18. Cipher Mining Inc. has a twelve month low of $1.86 and a twelve month high of $8.78. The company's fifty day moving average price is $5.86 and its 200 day moving average price is $4.22. The stock has a market capitalization of $3.19 billion, a P/E ratio of -18.86 and a beta of 2.76.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.12). Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. The firm had revenue of $43.57 million for the quarter, compared to analyst estimates of $51.89 million. As a group, equities research analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current year.

About Cipher Mining

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.