Chesapeake Capital Corp IL Sells 18,200 Shares of Cipher Mining Inc. (NASDAQ:CIFR)

Chesapeake Capital Corp IL reduced its position in shares of Cipher Mining Inc. (NASDAQ:CIFR) by 51.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,200 shares of the company’s stock after selling 18,200 shares during the period. Chesapeake Capital Corp IL’s holdings in Cipher Mining were worth $71,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Janney Montgomery Scott LLC bought a new stake in Cipher Mining during the first quarter valued at about $52,000. Price T Rowe Associates Inc. MD bought a new stake in Cipher Mining during the 1st quarter valued at approximately $59,000. B. Riley Wealth Advisors Inc. boosted its stake in Cipher Mining by 50.0% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock valued at $62,000 after purchasing an additional 5,000 shares during the period. SG Americas Securities LLC acquired a new stake in Cipher Mining in the 1st quarter valued at approximately $74,000. Finally, Principal Financial Group Inc. bought a new position in Cipher Mining in the 2nd quarter worth approximately $88,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Stock Performance

NASDAQ:CIFR opened at $3.11 on Wednesday. The firm has a market capitalization of $964.19 million, a PE ratio of 51.83 and a beta of 2.25. The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01. Cipher Mining Inc. has a 12-month low of $2.15 and a 12-month high of $7.99. The firm has a 50-day moving average price of $4.44 and a 200 day moving average price of $4.21.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The business had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. During the same quarter last year, the company earned ($0.05) EPS. Research analysts anticipate that Cipher Mining Inc. will post -0.05 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Top Holdco B.V. Bitfury sold 366,042 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $5.00, for a total transaction of $1,830,210.00. Following the completion of the sale, the insider now owns 114,430,167 shares in the company, valued at approximately $572,150,835. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders have sold 8,850,719 shares of company stock worth $31,982,940. Corporate insiders own 2.25% of the company’s stock.

Wall Street Analyst Weigh In

CIFR has been the topic of several research analyst reports. HC Wainwright raised their price objective on shares of Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Compass Point increased their target price 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. Canaccord Genuity Group restated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research note on Thursday, August 29th. Finally, Needham & Company LLC upped their price target on Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a report on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Cipher Mining currently has a consensus rating of “Buy” and a consensus price target of $7.42.

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.