Fifth Third Bancorp Takes $2.55 Million Position in Cipher Mining Inc. $CIFR

Fifth Third Bancorp bought a new position in Cipher Mining Inc. (NASDAQ:CIFR) during the 1st quarter, Holdings Channel.com reports. The fund bought 198,233 shares of the company’s stock, valued at approximately $2,551,000.

Other hedge funds have also recently modified their holdings of the company. Los Angeles Capital Management LLC bought a new position in shares of Cipher Mining in the fourth quarter worth about $25,000. Arax Advisory Partners lifted its holdings in shares of Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after buying an additional 1,338 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Cipher Mining by 218.3% in the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after buying an additional 1,286 shares in the last quarter. Meeder Asset Management Inc. bought a new position in shares of Cipher Mining during the fourth quarter worth $28,000. Finally, Danske Bank A S grew its stake in Cipher Mining by 1,150.0% during the fourth quarter. Danske Bank A S now owns 2,500 shares of the company’s stock valued at $37,000 after acquiring an additional 2,300 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on CIFR shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cipher Mining in a report on Wednesday, June 24th. Zacks Research raised Cipher Mining from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 25th. HC Wainwright boosted their target price on Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Morgan Stanley dropped their price target on Cipher Mining from $48.50 to $47.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Cantor Fitzgerald reduced their price objective on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $28.22.

Cipher Mining Trading Up 17.0%

CIFR stock opened at $20.54 on Tuesday. The firm’s 50-day moving average is $23.02 and its 200 day moving average is $18.71. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. Cipher Mining Inc. has a 12 month low of $4.55 and a 12 month high of $30.14. The company has a market capitalization of $8.40 billion, a PE ratio of -8.82 and a beta of 3.18.

Cipher Mining (NASDAQ:CIFR) last announced 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 business had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The firm’s revenue was down 28.8% on a year-over-year basis. On average, research analysts anticipate that Cipher Mining Inc. will post -0.8 EPS for the current year.

Insider Buying and Selling at Cipher Mining

In other news, Director Wesley Hastie Williams sold 28,169 shares of the stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $22.26, for a total transaction of $627,041.94. Following the completion of the sale, the director owned 129,976 shares in the company, valued at approximately $2,893,265.76. This represents a 17.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Patrick Arthur Kelly sold 48,000 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $19.36, for a total value of $929,280.00. Following the completion of the sale, the chief operating officer directly owned 1,451,856 shares of the company’s stock, valued at approximately $28,107,932.16. This represents a 3.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 3,245,336 shares of company stock valued at $83,803,938. Corporate insiders own 2.63% of the company’s stock.

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.