State of New Jersey Common Pension Fund D Acquires New Shares in Cipher Mining Inc. $CIFR

Key Points

• State of New Jersey Common Pension Fund D opened a new position in Cipher Mining during the fourth quarter, buying 147,933 shares worth about $2.18 million.
• Institutional interest has been rising, with several other funds adding to or initiating positions, while institutional investors and hedge funds now own 12.26% of the company.
• Analysts remain broadly bullish despite mixed signals: multiple firms raised price targets, and the stock has a Moderate Buy consensus with an average target price of $26.29.

State of New Jersey Common Pension Fund D bought a new stake in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 147,933 shares of the company's stock, valued at approximately $2,183,000.

Other institutional investors have also recently bought and sold shares of the company. Harbor Advisors LLC bought a new position in shares of Cipher Mining in the fourth quarter worth about $148,000. Strategic Blueprint LLC grew its holdings in shares of Cipher Mining by 30.6% during the 4th quarter. Strategic Blueprint LLC now owns 28,223 shares of the company's stock valued at $417,000 after purchasing an additional 6,615 shares during the last quarter. Wealthfront Advisers LLC acquired a new position in Cipher Mining during the 4th quarter worth approximately $195,000. M&T Bank Corp acquired a new position in Cipher Mining during the 4th quarter worth approximately $196,000. Finally, Pictet Asset Management Holding SA lifted its stake in Cipher Mining by 336.1% in the 4th quarter. Pictet Asset Management Holding SA now owns 181,098 shares of the company's stock valued at $2,673,000 after purchasing an additional 139,567 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company's stock.

Key Cipher Mining News

Here are the key news stories impacting Cipher Mining this week:

• Positive Sentiment: Rosenblatt Securities raised its price target on Cipher Mining to $30 from $24 and reiterated a buy rating, signaling confidence in further upside. Rosenblatt Securities Raises Price Target on Cipher Mining
• Positive Sentiment: Keefe, Bruyette & Woods lifted its target to $27 from $23 and kept an outperform rating, which reinforced the bullish analyst trend. Cipher Mining Price Target Raised by Keefe, Bruyette & Woods
• Positive Sentiment: HC Wainwright also reportedly increased its price target to $30, adding another vote of confidence in Cipher Mining’s outlook. Cipher Mining Given New Price Target at HC Wainwright
• Positive Sentiment: News coverage highlighted Cipher Mining’s momentum tied to large AI campus leases and a $2.2 billion financing, which supports the company’s growth story and could attract momentum investors. Cipher Digital Is Up After Massive AI Campus Leases And Financing
• Neutral Sentiment: Cipher Mining said it will participate in several upcoming investor and industry conferences, which may help keep the company visible but does not change fundamentals by itself. Cipher Digital Announces Participation in Upcoming Investor and Industry Conferences
• Negative Sentiment: Director Cary M. Grossman sold 20,000 shares, trimming his stake by 11.73%, which can be viewed as a mild confidence signal against the stock. Cary M. Grossman Insider Sale SEC Filing
• Negative Sentiment: Director Wesley Hastie Williams sold 28,169 shares, reducing his position by 17.81%, adding a second insider-sale headline that may temper enthusiasm. Wesley Hastie Williams Insider Sale SEC Filing

Insider Activity

In other news, COO Patrick Arthur Kelly sold 35,568 shares of the business's stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $14.98, for a total transaction of $532,808.64. Following the completion of the sale, the chief operating officer directly owned 1,441,508 shares of the company's stock, valued at $21,593,789.84. The trade was a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Cary M. Grossman sold 30,000 shares of the firm's stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $14.54, for a total transaction of $436,200.00. Following the completion of the transaction, the director directly owned 170,530 shares in the company, valued at approximately $2,479,506.20. The trade was a 14.96% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 196,398 shares of company stock valued at $3,347,410. 2.63% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on CIFR. Zacks Research upgraded Cipher Mining from a "strong sell" rating to a "hold" rating in a research note on Wednesday, March 25th. Wall Street Zen downgraded shares of Cipher Mining from a "hold" rating to a "strong sell" rating in a research report on Sunday, March 1st. Morgan Stanley reaffirmed an "overweight" rating and set a $40.50 price target on shares of Cipher Mining in a research report on Monday, April 27th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cipher Mining in a research note on Friday, March 27th. Finally, Cantor Fitzgerald cut their target price on Cipher Mining from $24.00 to $22.00 and set an "overweight" rating on the stock in a research report on Thursday, April 9th. Fourteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $26.29.

Cipher Mining Trading Down 0.6%

NASDAQ CIFR opened at $20.55 on Friday. The company has a market cap of $8.41 billion, a price-to-earnings ratio of -8.82 and a beta of 3.13. Cipher Mining Inc. has a 52 week low of $2.95 and a 52 week high of $25.52. The business has a 50 day moving average price of $15.99 and a 200-day moving average price of $16.83. The company has a quick ratio of 3.79, a current ratio of 3.13 and a debt-to-equity ratio of 6.13.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.27) by ($0.01). Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The firm had revenue of $34.84 million during the quarter, compared to the consensus estimate of $36.12 million. The company's quarterly revenue was down 28.8% on a year-over-year basis. As a group, equities analysts expect that Cipher Mining Inc. will post -0.9 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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