170,000 Shares in Cipher Mining Inc. $CIFR Bought by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new position in Cipher Mining Inc. (NASDAQ:CIFR) in the 1st quarter, Holdings Channel.com reports. The firm acquired 170,000 shares of the company’s stock, valued at approximately $2,188,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Abel Hall LLC boosted its position in shares of Cipher Mining by 3.8% during the 1st quarter. Abel Hall LLC now owns 20,140 shares of the company’s stock worth $259,000 after purchasing an additional 739 shares in the last quarter. GM Advisory Group LLC increased its holdings in shares of Cipher Mining by 15.9% in the 1st quarter. GM Advisory Group LLC now owns 15,283 shares of the company’s stock valued at $197,000 after purchasing an additional 2,100 shares in the last quarter. Keybank National Association OH purchased a new position in shares of Cipher Mining in the 1st quarter valued at about $179,000. Sippican Capital Advisors lifted its stake in shares of Cipher Mining by 33.8% in the first quarter. Sippican Capital Advisors now owns 70,600 shares of the company’s stock valued at $909,000 after purchasing an additional 17,850 shares during the period. Finally, Portus Wealth Advisors LLC acquired a new stake in shares of Cipher Mining in the first quarter valued at about $114,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Price Performance

CIFR stock opened at $20.04 on Monday. The stock’s 50 day moving average price is $22.77 and its 200 day moving average price is $18.32. The firm has a market cap of $8.20 billion, a P/E ratio of -8.60 and a beta of 3.18. 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 1 year low of $4.55 and a 1 year high of $30.14.

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). Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The company had revenue of $34.84 million for the quarter, compared to analysts’ expectations of $36.12 million. Cipher Mining’s revenue for the quarter was down 28.8% compared to the same quarter last year. On average, sell-side analysts expect that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Zacks Research upgraded shares of Cipher Mining from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 25th. Sanford C. Bernstein began coverage on shares of Cipher Mining in a research report on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 price target for the company. BTIG Research boosted their price target on Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Jefferies Financial Group began coverage on Cipher Mining in a report on Thursday, May 14th. They issued a “buy” rating and a $32.00 price target on the stock. Finally, HC Wainwright raised their price objective on Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Cipher Mining presently has an average rating of “Moderate Buy” and a consensus price target of $28.31.

Insider Buying and Selling

In other Cipher Mining news, COO Patrick Arthur Kelly sold 48,000 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $19.36, for a total transaction of $929,280.00. Following the sale, the chief operating officer directly owned 1,451,856 shares of the company’s stock, valued at $28,107,932.16. This trade represents a 3.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Cary M. Grossman sold 20,000 shares of Cipher Mining stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $21.82, for a total transaction of $436,400.00. Following the sale, the director owned 150,530 shares of the company’s stock, valued at approximately $3,284,564.60. This trade represents a 11.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 3,132,836 shares of company stock worth $81,420,063 in the last 90 days. 2.63% of the stock is currently owned by corporate insiders.

About Cipher Mining

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.