Geode Capital Management LLC Has $21.33 Million Position in Cipher Mining Inc. (NASDAQ:CIFR)

Geode Capital Management LLC boosted its stake in shares of Cipher Mining Inc. (NASDAQ:CIFR) by 37.8% during the third quarter, Holdings Channel.com reports. The fund owned 5,509,853 shares of the company’s stock after acquiring an additional 1,511,455 shares during the period. Geode Capital Management LLC’s holdings in Cipher Mining were worth $21,327,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Amalgamated Bank raised its position in shares of Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after buying an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC bought a new position in Cipher Mining in the third quarter valued at approximately $33,000. Xponance Inc. acquired a new position in Cipher Mining during the second quarter valued at approximately $45,000. W Advisors LLC bought a new stake in Cipher Mining during the third quarter worth $45,000. Finally, Prospect Financial Services LLC acquired a new stake in shares of Cipher Mining in the 3rd quarter valued at $47,000. 12.26% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, COO Patrick Arthur Kelly sold 89,742 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total value of $392,172.54. Following the transaction, the chief operating officer now owns 717,431 shares in the company, valued at approximately $3,135,173.47. The trade was a 11.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the sale, the insider now owns 98,747,588 shares of the company’s stock, valued at approximately $651,734,080.80. This trade represents a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,446,623 shares of company stock valued at $9,000,561. Company insiders own 2.25% of the company’s stock.

Cipher Mining Trading Down 7.6 %

CIFR opened at $4.86 on Friday. The company’s 50 day moving average price is $6.15 and its two-hundred day moving average price is $4.92. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of -37.38 and a beta of 2.29. Cipher Mining Inc. has a fifty-two week low of $2.15 and a fifty-two week high of $7.99. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The business had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same period in the prior year, the firm earned ($0.07) EPS. As a group, research analysts predict that Cipher Mining Inc. will post -0.18 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently commented on CIFR. Macquarie boosted their price target on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price for the company in a research note on Tuesday, December 10th. BTIG Research raised their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 price objective on shares of Cipher Mining in a research report on Thursday, October 3rd. Finally, Northland Securities raised their target price on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Nine research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $8.03.

Cipher Mining Company 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.