Legal & General Group Plc Buys 32,944 Shares of Cipher Mining Inc. $CIFR

Legal & General Group Plc raised its stake in Cipher Mining Inc. (NASDAQ:CIFR) by 11.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 330,508 shares of the company’s stock after acquiring an additional 32,944 shares during the period. Legal & General Group Plc’s holdings in Cipher Mining were worth $4,878,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CIFR. Vanguard Group Inc. increased its stake in shares of Cipher Mining by 43.2% during the fourth quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock valued at $482,360,000 after buying an additional 9,865,533 shares during the period. Voloridge Investment Management LLC purchased a new position in shares of Cipher Mining during the third quarter valued at approximately $70,524,000. Value Aligned Research Advisors LLC purchased a new position in shares of Cipher Mining during the third quarter valued at approximately $64,266,000. Millennium Management LLC purchased a new position in shares of Cipher Mining during the first quarter valued at approximately $9,316,000. Finally, Two Sigma Investments LP increased its stake in shares of Cipher Mining by 64.9% during the third quarter. Two Sigma Investments LP now owns 6,746,401 shares of the company’s stock valued at $84,937,000 after buying an additional 2,655,015 shares during the period. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Price Performance

Shares of CIFR stock opened at $22.45 on Monday. The stock has a market cap of $9.18 billion, a price-to-earnings ratio of -9.64 and a beta of 3.18. The business’s fifty day moving average is $19.10 and its 200 day moving average is $17.31. Cipher Mining Inc. has a twelve month low of $3.29 and a twelve month high of $28.62. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13.

Cipher Mining (NASDAQ:CIFR) last issued 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 firm had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. The firm’s revenue for the quarter was down 28.8% compared to the same quarter last year. Research analysts expect that Cipher Mining Inc. will post -0.8 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cipher Mining news, Director Wesley Hastie Williams sold 14,567 shares of the business’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $21.41, for a total value of $311,879.47. Following the sale, the director directly owned 115,409 shares of the company’s stock, valued at approximately $2,470,906.69. The trade was a 11.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Patrick Arthur Kelly sold 48,000 shares of the business’s stock in a transaction on 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 in the company, valued at $28,107,932.16. This trade represents a 3.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 2,013,804 shares of company stock valued at $51,793,735. Company insiders own 2.63% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CIFR shares. Morgan Stanley reduced their target price on Cipher Mining from $53.50 to $48.50 and set an “overweight” rating on the stock in a research note on Thursday. Keefe, Bruyette & Woods boosted their target price on Cipher Mining from $23.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Cantor Fitzgerald reduced their target price 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. Wall Street Zen cut Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Sunday, March 1st. Finally, Sanford C. Bernstein assumed coverage on Cipher Mining in a research note on Wednesday. They set an “outperform” rating and a $32.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $27.69.

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.