Intech Investment Management LLC Buys New Shares in Cipher Mining Inc. (NASDAQ:CIFR)

Intech Investment Management LLC bought a new stake in shares of Cipher Mining Inc. (NASDAQ:CIFR) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 34,290 shares of the company’s stock, valued at approximately $133,000.

A number of other large investors also recently modified their holdings of CIFR. Millennium Management LLC lifted its stake in shares of Cipher Mining by 122.8% during the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after buying an additional 2,938,184 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Cipher Mining by 62.0% during the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after buying an additional 2,164,383 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of Cipher Mining by 41.5% during the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after buying an additional 1,144,390 shares in the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of Cipher Mining during the 2nd quarter valued at $2,142,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Cipher Mining by 243.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock valued at $2,279,000 after buying an additional 389,079 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Stock Performance

Cipher Mining stock opened at $7.11 on Friday. The company’s 50-day moving average price is $5.59 and its 200-day moving average price is $4.71. Cipher Mining Inc. has a twelve month low of $2.15 and a twelve month high of $7.99. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The company has a market cap of $2.47 billion, a PE ratio of -54.69 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The business had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. During the same quarter last year, the firm earned ($0.07) earnings per share. On average, equities research analysts forecast that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Canaccord Genuity Group restated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Northland Securities boosted their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday. Macquarie boosted their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a research note on Friday, November 1st. Finally, Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Eight analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining currently has an average rating of “Buy” and a consensus price target of $8.03.

Insider Activity at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $2.87, for a total value of $5,456,191.44. Following the transaction, the insider now directly owns 102,044,892 shares in the company, valued at $292,868,840.04. This represents a 1.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total transaction of $591,000.00. Following the completion of the transaction, the insider now owns 619,148 shares in the company, valued at $2,439,443.12. This represents a 19.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,494,615 shares of company stock worth $15,024,197. Insiders own 2.25% of the company’s stock.

About Cipher Mining

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.