Phoenix Financial Ltd. Cuts Stock Position in Cipher Mining Inc. $CIFR

Phoenix Financial Ltd. reduced its position in Cipher Mining Inc. (NASDAQ:CIFR) by 11.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 81,631 shares of the company’s stock after selling 10,122 shares during the quarter. Phoenix Financial Ltd.’s holdings in Cipher Mining were worth $390,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Stoneridge Investment Partners LLC purchased a new position in shares of Cipher Mining in the 1st quarter worth about $29,000. Valeo Financial Advisors LLC purchased a new stake in Cipher Mining during the 1st quarter valued at about $37,000. Signal Advisors Wealth LLC purchased a new stake in Cipher Mining during the 2nd quarter valued at about $48,000. Custos Family Office LLC purchased a new stake in Cipher Mining during the 2nd quarter valued at about $48,000. Finally, Wellington Management Group LLP boosted its holdings in Cipher Mining by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 27,990 shares of the company’s stock valued at $64,000 after acquiring an additional 2,940 shares during the period. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder Holding Ltd V3 sold 3,504,540 shares of the stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $12.36, for a total value of $43,316,114.40. Following the completion of the transaction, the insider owned 71,437,719 shares of the company’s stock, valued at approximately $882,970,206.84. This represents a 4.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders sold 22,085,388 shares of company stock valued at $284,827,231. 2.63% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CIFR. BTIG Research increased their target price on Cipher Mining from $9.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, October 14th. Needham & Company LLC increased their target price on Cipher Mining from $10.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, September 30th. JPMorgan Chase & Co. increased their target price on Cipher Mining from $6.00 to $12.00 and gave the company a “neutral” rating in a report on Friday, September 26th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Cipher Mining in a research report on Tuesday, October 14th. Finally, HC Wainwright upped their price target on Cipher Mining from $7.50 to $17.00 and gave the company a “buy” rating in a research report on Monday, September 29th. Twelve investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Cipher Mining presently has a consensus rating of “Moderate Buy” and an average price target of $18.68.

Cipher Mining Stock Down 10.9%

Shares of NASDAQ:CIFR opened at $16.11 on Thursday. Cipher Mining Inc. has a 52-week low of $1.86 and a 52-week high of $22.00. The firm has a market capitalization of $6.34 billion, a P/E ratio of -37.47 and a beta of 2.87. The stock has a 50 day moving average price of $11.82 and a 200-day moving average price of $6.76. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18.

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

Cipher Mining Profile

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.