Readystate Asset Management LP Buys New Shares in Cipher Mining Inc. $CIFR

Readystate Asset Management LP purchased a new position in Cipher Mining Inc. (NASDAQ:CIFR) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 198,758 shares of the company’s stock, valued at approximately $2,558,000.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Cipher Mining by 43.2% in the fourth quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock worth $482,360,000 after buying an additional 9,865,533 shares during the period. Situational Awareness LP lifted its stake in shares of Cipher Mining by 82.4% in the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock valued at $154,524,000 after acquiring an additional 4,728,600 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Cipher Mining by 7.3% during the 4th quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company’s stock valued at $120,519,000 after acquiring an additional 558,105 shares during the period. State Street Corp boosted its holdings in Cipher Mining by 10.2% during the 4th quarter. State Street Corp now owns 8,078,423 shares of the company’s stock valued at $119,238,000 after acquiring an additional 745,030 shares during the period. Finally, Value Aligned Research Advisors LLC grew its position in Cipher Mining by 45.9% during the 4th quarter. Value Aligned Research Advisors LLC now owns 7,447,495 shares of the company’s stock worth $109,925,000 after acquiring an additional 2,342,958 shares during the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Cipher Mining Price Performance

CIFR opened at $20.42 on Wednesday. The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13. Cipher Mining Inc. has a 52-week low of $4.55 and a 52-week high of $30.14. The stock has a market capitalization of $8.35 billion, a PE ratio of -8.76 and a beta of 3.18. The stock’s 50 day moving average price is $23.35 and its 200-day moving average price is $18.99.

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

Insider Activity

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 1,200,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $25.49, for a total transaction of $30,588,000.00. Following the completion of the transaction, the insider owned 58,316,694 shares of the company’s stock, valued at approximately $1,486,492,530.06. This trade represents a 2.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Tyler Page sold 112,500 shares of the company’s stock in a transaction that occurred on 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 $192,494,727.75. The trade was a 1.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 3,245,336 shares of company stock worth $83,803,938. 2.63% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CIFR has been the topic of a number of analyst reports. HC Wainwright lifted their price target on Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a research note on Wednesday, June 24th. Cantor Fitzgerald cut their target price on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. BTIG Research lifted their target price on shares of Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Chardan Capital started coverage on shares of Cipher Mining in a report on Monday. They set a “buy” rating and a $32.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $28.74.

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.