Paloma Partners Management Co Takes Position in Cipher Mining Inc. (NASDAQ:CIFR)

Paloma Partners Management Co bought a new position in shares of Cipher Mining Inc. (NASDAQ:CIFR) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 1,041,000 shares of the company’s stock, valued at approximately $4,029,000.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Cipher Mining by 62.0% during the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after purchasing an additional 2,164,383 shares during the last quarter. Millennium Management LLC lifted its position 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 worth $22,123,000 after buying an additional 2,938,184 shares during the last quarter. Van ECK Associates Corp boosted its stake in Cipher Mining by 41.5% in the third 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. Charles Schwab Investment Management Inc. grew its position in Cipher Mining by 71.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,356,044 shares of the company’s stock valued at $9,118,000 after acquiring an additional 977,963 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Cipher Mining by 243.2% in the second quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock valued at $2,279,000 after acquiring an additional 389,079 shares during the last quarter. Institutional investors own 12.26% of the company’s stock.

Analyst Upgrades and Downgrades

CIFR has been the topic of a number of research analyst reports. Compass Point raised their price target on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. BTIG Research raised their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Northland Capmk raised Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price objective on shares of Cipher Mining in a research report on Thursday, October 3rd. Eight research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Cipher Mining currently has an average rating of “Buy” and a consensus target price of $7.72.

Cipher Mining Stock Up 3.9 %

Shares of NASDAQ:CIFR opened at $6.70 on Monday. The firm has a market cap of $2.33 billion, a P/E ratio of -51.53 and a beta of 2.18. Cipher Mining Inc. has a 12-month low of $2.15 and a 12-month high of $7.99. The business has a fifty day simple moving average of $5.29 and a 200 day simple moving average of $4.62. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS 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 company had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. During the same period in the prior year, the firm earned ($0.07) earnings per share. Analysts predict that Cipher Mining Inc. will post -0.18 earnings per share for the current year.

Insider Transactions at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $3.02, for a total value of $5,741,358.24. Following the completion of the transaction, the insider now directly owns 107,748,228 shares of the company’s stock, valued at approximately $325,399,648.56. This trade represents a 1.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total value of $591,000.00. Following the sale, the insider now owns 619,148 shares in the company, valued at approximately $2,439,443.12. The trade was a 19.50 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,296,839 shares of company stock worth $25,974,602. Company insiders own 2.25% of the company’s stock.

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.