HighTower Advisors LLC Has $14.42 Million Stock Position in Cipher Mining Inc. $CIFR

HighTower Advisors LLC reduced its position in shares of Cipher Mining Inc. (NASDAQ:CIFR) by 11.5% in the 2nd quarter, HoldingsChannel reports. The firm owned 588,667 shares of the company’s stock after selling 76,827 shares during the period. HighTower Advisors LLC’s holdings in Cipher Mining were worth $14,422,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CIFR. Millennium Management LLC acquired a new stake in shares of Cipher Mining during the first quarter worth approximately $9,316,000. Goldman Sachs Group Inc. boosted its holdings in shares of Cipher Mining by 52.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock worth $10,765,000 after acquiring an additional 1,610,073 shares in the last quarter. Franklin Resources Inc. acquired a new position in shares of Cipher Mining in the 2nd quarter worth approximately $98,000. Prudential Financial Inc. boosted its holdings in shares of Cipher Mining by 113.7% in the 2nd quarter. Prudential Financial Inc. now owns 31,595 shares of the company’s stock worth $151,000 after acquiring an additional 16,810 shares in the last quarter. Finally, XTX Topco Ltd grew its position in Cipher Mining by 65.2% during the 2nd quarter. XTX Topco Ltd now owns 29,708 shares of the company’s stock worth $142,000 after acquiring an additional 11,725 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CIFR has been the subject of a number of recent analyst reports. Citigroup reaffirmed a “market outperform” rating on shares of Cipher Mining in a report on Monday, August 10th. Needham & Company LLC increased their target price on Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, May 15th. BTIG Research raised their target price on Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. UBS Group set a $30.00 price target on Cipher Mining in a report on Monday, August 10th. Finally, Morgan Stanley set a $43.50 price objective on shares of Cipher Mining in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $28.61.

Insider Buying and Selling

In other Cipher Mining news, Director James Newsome sold 3,758 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total transaction of $99,962.80. Following the sale, the director directly owned 128,530 shares in the company, valued at approximately $3,418,898. This trade represents a 2.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Tyler Page sold 112,500 shares of Cipher Mining stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the transaction, the chief executive officer directly owned 9,084,225 shares in the company, valued at approximately $192,494,727.75. The trade was a 1.22% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 131,258 shares of company stock valued at $2,925,288. 3.09% of the stock is owned by corporate insiders.

Cipher Mining Stock Performance

CIFR stock opened at $16.90 on Thursday. Cipher Mining Inc. has a twelve month low of $9.25 and a twelve month high of $30.14. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69. The company has a market cap of $7.01 billion, a P/E ratio of -5.91 and a beta of 3.15. The business’s fifty day moving average is $18.95 and its 200-day moving average is $19.16.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). Cipher Mining had a negative net margin of 585.75% and a negative return on equity of 156.28%. The firm had revenue of $24.84 million for the quarter, compared to analyst estimates of $31.86 million. During the same quarter in the prior year, the firm posted ($0.12) EPS. Equities research analysts forecast that Cipher Mining Inc. will post -1.36 EPS for the current year.

Cipher Mining Company 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.