Van ECK Associates Corp Reduces Holdings in Cipher Mining Inc. $CIFR

Key Points

• VanECK cut its stake by 76.4%, selling 5,059,936 shares in the quarter and leaving it with 1,565,167 shares of Cipher Mining valued at about $19.7 million (0.40% ownership).
• Insiders and other institutions were active: insiders sold 187,986 shares worth roughly $3.03 million last quarter (insiders now own 2.63%), while firms like Vanguard hold a large position (22.8M shares, ~$287.2M) and JPMorgan markedly increased its stake.
• Cipher shares jumped 8.8% to $14.92 (market cap ~$6.04B) and analysts are mixed but overall show a "Moderate Buy" consensus with an average target of $24.32.

Van ECK Associates Corp lowered its position in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 76.4% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,565,167 shares of the company's stock after selling 5,059,936 shares during the period. Van ECK Associates Corp owned 0.40% of Cipher Mining worth $19,705,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its position in shares of Cipher Mining by 996.9% in the second quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company's stock valued at $10,645,000 after buying an additional 2,023,994 shares during the last quarter. Thames Capital Management LLC acquired a new position in Cipher Mining during the third quarter worth about $19,070,000. Legal & General Group Plc grew its stake in Cipher Mining by 33.4% during the 2nd quarter. Legal & General Group Plc now owns 298,446 shares of the company's stock valued at $1,427,000 after acquiring an additional 74,744 shares in the last quarter. Soros Fund Management LLC grew its stake in Cipher Mining by 67.5% during the 2nd quarter. Soros Fund Management LLC now owns 1,300,000 shares of the company's stock valued at $6,214,000 after acquiring an additional 524,044 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Cipher Mining by 13.4% in the 3rd quarter. Vanguard Group Inc. now owns 22,814,653 shares of the company's stock valued at $287,236,000 after acquiring an additional 2,699,717 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company's stock.

Insiders Place Their Bets

In other news, COO Patrick Arthur Kelly sold 35,568 shares of the company's stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $17.76, for a total value of $631,687.68. Following the transaction, the chief operating officer owned 1,512,644 shares of the company's stock, valued at $26,864,557.44. This represents a 2.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Wesley Hastie Williams sold 49,867 shares of the stock in a transaction on Friday, December 19th. The stock was sold at an average price of $16.08, for a total value of $801,861.36. Following the transaction, the director owned 158,145 shares of the company's stock, valued at approximately $2,542,971.60. This represents a 23.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 187,986 shares of company stock valued at $3,030,554 over the last quarter. 2.63% of the stock is owned by insiders.

Cipher Mining Trading Up 8.8%

Shares of NASDAQ CIFR traded up $1.21 during midday trading on Friday, reaching $14.92. 12,231,746 shares of the stock were exchanged, compared to its average volume of 29,861,883. The stock has a market capitalization of $6.04 billion, a P/E ratio of -6.88 and a beta of 2.96. The company has a debt-to-equity ratio of 3.37, a quick ratio of 3.79 and a current ratio of 3.79. The company has a 50 day simple moving average of $16.31 and a 200 day simple moving average of $15.75. Cipher Mining Inc. has a twelve month low of $1.86 and a twelve month high of $25.52.

Analyst Ratings Changes

CIFR has been the topic of a number of research reports. Wall Street Zen lowered shares of Cipher Mining from a "hold" rating to a "strong sell" rating in a research note on Sunday, March 1st. HC Wainwright cut their price target on Cipher Mining to $25.00 and set a "buy" rating for the company in a report on Wednesday, February 25th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cipher Mining in a research report on Monday, December 29th. Citizens Jmp set a $30.00 price objective on Cipher Mining in a research note on Wednesday, November 19th. Finally, Canaccord Genuity Group restated a "buy" rating and issued a $27.00 target price on shares of Cipher Mining in a report on Monday, December 15th. Fourteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Cipher Mining presently has a consensus rating of "Moderate Buy" and an average target price of $24.32.

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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