Steamboat Capital Partners LLC Invests $6 Million in Cipher Mining Inc. $CIFR

Key Points

• Steamboat Capital Partners acquired 244,922 Cipher Mining shares worth approximately $6 million in the second quarter, while institutional investors collectively own 12.26% of the company.
• Cipher Mining’s latest quarterly results missed expectations, with a loss of $0.65 per share versus the $0.25 consensus estimate and revenue of $24.84 million versus $31.86 million expected.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $28.61, although company insiders sold 131,258 shares worth about $2.93 million over the past 90 days.

Steamboat Capital Partners LLC acquired a new position in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 244,922 shares of the company's stock, valued at approximately $6,001,000. Steamboat Capital Partners LLC owned about 0.06% of Cipher Mining as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of America Corp DE increased its stake in Cipher Mining by 237.7% in the 1st quarter. Bank of America Corp DE now owns 1,414,667 shares of the company's stock worth $18,207,000 after acquiring an additional 995,735 shares during the last quarter. HighTower Advisors LLC boosted its position in shares of Cipher Mining by 16.6% during the 4th quarter. HighTower Advisors LLC now owns 671,775 shares of the company's stock valued at $9,915,000 after acquiring an additional 95,686 shares during the last quarter. Moore Capital Management LP purchased a new position in shares of Cipher Mining during the second quarter worth about $35,077,000. Foundations Investment Advisors LLC purchased a new position in shares of Cipher Mining during the fourth quarter worth about $667,000. Finally, Wellington Management Group LLP increased its position in shares of Cipher Mining by 567.1% in the second quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company's stock worth $97,652,000 after purchasing an additional 3,388,359 shares during the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Cipher Mining Stock Up 4.3%

NASDAQ CIFR opened at $18.51 on Wednesday. Cipher Mining Inc. has a 1 year low of $7.90 and a 1 year high of $30.14. The stock has a market capitalization of $7.68 billion, a PE ratio of -6.47 and a beta of 3.15. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00. The business's 50-day moving average is $19.07 and its 200 day moving average is $19.15.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.40). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The company had revenue of $24.84 million for the quarter, compared to analysts' expectations of $31.86 million. During the same period in the previous year, the firm posted ($0.12) earnings per share. Sell-side analysts forecast that Cipher Mining Inc. will post -1.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CIFR. Sanford C. Bernstein started coverage on shares of Cipher Mining in a research report on Wednesday, June 3rd. They set an "outperform" rating and a $32.00 target price for the company. JPMorgan Chase & Co. cut their target price on shares of Cipher Mining from $23.00 to $22.00 and set an "overweight" rating for the company in a research report on Friday, August 7th. BTIG Research increased their target price on Cipher Mining from $25.00 to $35.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. Keefe, Bruyette & Woods dropped their price target on Cipher Mining from $32.00 to $28.00 and set an "outperform" rating for the company in a research note on Thursday, August 6th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $30.00 price objective on shares of Cipher Mining in a research report on Friday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $28.61.

Insiders Place Their Bets

In other news, Director James Newsome sold 3,758 shares of the company's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total value of $99,962.80. Following the sale, the director directly owned 128,530 shares of the company's stock, valued at $3,418,898. This represents a 2.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Cary Grossman sold 15,000 shares of the company's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $29.43, for a total transaction of $441,450.00. Following the completion of the sale, the director owned 143,829 shares in the company, valued at approximately $4,232,887.47. This trade represents a 9.44% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 131,258 shares of company stock worth $2,925,288. 3.09% of the stock is owned by corporate insiders.

Cipher Mining Company Profile

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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