Legal & General Group Plc Boosts Position in Cipher Mining Inc. $CIFR

Legal & General Group Plc raised its stake in shares of Cipher Mining Inc. (NASDAQ:CIFR) by 11.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 330,508 shares of the company’s stock after buying an additional 32,944 shares during the quarter. Legal & General Group Plc owned about 0.08% of Cipher Mining worth $4,878,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Cipher Mining by 43.2% during the 4th quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock valued at $482,360,000 after buying an additional 9,865,533 shares in the last quarter. Tidal Investments LLC boosted its position in shares of Cipher Mining by 28.3% during the 2nd quarter. Tidal Investments LLC now owns 6,984,438 shares of the company’s stock valued at $33,386,000 after acquiring an additional 1,541,138 shares during the last quarter. Invesco Ltd. boosted its position in shares of Cipher Mining by 40.0% during the 3rd quarter. Invesco Ltd. now owns 6,852,074 shares of the company’s stock valued at $86,268,000 after acquiring an additional 1,958,385 shares during the last quarter. Two Sigma Investments LP boosted its position in shares of Cipher Mining by 64.9% during the 3rd quarter. Two Sigma Investments LP now owns 6,746,401 shares of the company’s stock valued at $84,937,000 after acquiring an additional 2,655,015 shares during the last quarter. Finally, Voloridge Investment Management LLC bought a new stake in shares of Cipher Mining during the 3rd quarter valued at about $70,524,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Stock Performance

NASDAQ:CIFR opened at $22.45 on Monday. The business has a 50 day moving average of $19.10 and a 200 day moving average of $17.31. The company has a market capitalization of $9.18 billion, a price-to-earnings ratio of -9.64 and a beta of 3.18. Cipher Mining Inc. has a 1-year low of $3.29 and a 1-year high of $28.62. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). The firm had revenue of $34.84 million during the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The business’s revenue for the quarter was down 28.8% on a year-over-year basis. On average, sell-side analysts predict that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Patrick Arthur Kelly sold 48,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $19.36, for a total value of $929,280.00. Following the completion of the sale, the chief operating officer owned 1,451,856 shares in the company, valued at $28,107,932.16. The trade was a 3.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Tyler Page sold 37,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of $16.11, for a total value of $604,125.00. Following the completion of the sale, the chief executive officer owned 8,263,862 shares of the company’s stock, valued at $133,130,816.82. The trade was a 0.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,013,804 shares of company stock worth $51,793,735 over the last ninety days. Corporate insiders own 2.63% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CIFR. Keefe, Bruyette & Woods lifted their price target on Cipher Mining from $23.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. Rosenblatt Securities lifted their price target on Cipher Mining from $24.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Needham & Company LLC lifted their price target on Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Cantor Fitzgerald dropped their price target on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Finally, HC Wainwright lifted their price target on Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Cipher Mining currently has an average rating of “Moderate Buy” and an average target price of $27.69.

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.