Wellington Management Group LLP Acquires 3,388,359 Shares of Cipher Mining Inc. $CIFR

Key Points

• Wellington Management increased its Cipher Mining stake by 567.1% in the second quarter, acquiring 3.39 million additional shares and bringing its holdings to 3.99 million shares, or approximately 0.96% of the company.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $28.61. BTIG, Bernstein, Rosenblatt and Needham all maintained or issued buy-equivalent ratings.
• Cipher Mining reported weaker-than-expected quarterly results, with an EPS loss of $0.65 versus estimates of $0.25 and revenue of $24.84 million versus $31.86 million expected. Shares opened at $14.61, while insiders sold approximately $33.5 million of stock over the past 90 days.

Wellington Management Group LLP grew its stake in Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 567.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,985,806 shares of the company's stock after purchasing an additional 3,388,359 shares during the period. Wellington Management Group LLP owned approximately 0.96% of Cipher Mining worth $97,652,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. CoreCap Advisors LLC lifted its position in shares of Cipher Mining by 41.7% during the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company's stock worth $42,000 after buying an additional 500 shares during the period. Abel Hall LLC grew its position in Cipher Mining by 3.8% in the first quarter. Abel Hall LLC now owns 20,140 shares of the company's stock valued at $259,000 after acquiring an additional 739 shares during the period. Rathbones Group PLC grew its position in Cipher Mining by 7.0% in the first quarter. Rathbones Group PLC now owns 11,495 shares of the company's stock valued at $148,000 after acquiring an additional 750 shares during the period. CWM LLC raised its stake in Cipher Mining by 43.3% during the fourth quarter. CWM LLC now owns 2,661 shares of the company's stock worth $39,000 after acquiring an additional 804 shares in the last quarter. Finally, Prospera Financial Services Inc raised its stake in Cipher Mining by 6.7% during the fourth quarter. Prospera Financial Services Inc now owns 15,600 shares of the company's stock worth $230,000 after acquiring an additional 980 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CIFR. Citigroup restated a "market outperform" rating on shares of Cipher Mining in a research note on Monday, August 10th. BTIG Research lifted their price target on shares of Cipher Mining from $25.00 to $35.00 and gave the company a "buy" rating in a report on Wednesday, June 24th. Sanford C. Bernstein began coverage on shares of Cipher Mining in a research report on Wednesday, June 3rd. They issued an "outperform" rating and a $32.00 price target on the stock. Rosenblatt Securities reaffirmed a "buy" rating and set a $30.00 price objective on shares of Cipher Mining in a research note on Wednesday, August 5th. Finally, Needham & Company LLC raised their price objective on shares of Cipher Mining from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $28.61.

Cipher Mining Trading Down 5.7%

Shares of NASDAQ CIFR opened at $14.61 on Wednesday. Cipher Mining Inc. has a fifty-two week low of $7.08 and a fifty-two week high of $30.14. The firm has a market capitalization of $6.06 billion, a P/E ratio of -5.11 and a beta of 3.16. 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 company's 50 day simple moving average is $19.88 and its 200 day simple moving average is $19.10.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.40). The business had revenue of $24.84 million for the quarter, compared to analyst estimates of $31.86 million. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.During the same period in the prior year, the firm posted ($0.12) EPS. On average, analysts predict that Cipher Mining Inc. will post -1.36 EPS for the current year.

Insider Buying and Selling

In related news, CEO Tyler Page sold 112,500 shares of the company's stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total value of $2,383,875.00. Following the completion of the sale, the chief executive officer owned 9,084,225 shares in the company, valued at approximately $192,494,727.75. This represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, major shareholder Holding Ltd V3 sold 1,200,000 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $25.49, for a total value of $30,588,000.00. Following the completion of the transaction, the insider directly owned 58,316,694 shares in the company, valued at $1,486,492,530.06. The trade was a 2.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,331,258 shares of company stock valued at $33,513,288 over the last 90 days. Company insiders own 3.09% of the company's stock.

Cipher Mining 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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