Jennison Associates LLC Acquires 824,618 Shares of Cipher Mining Inc. $CIFR

Jennison Associates LLC lifted its holdings in shares of Cipher Mining Inc. (NASDAQ:CIFR) by 48.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,519,281 shares of the company’s stock after purchasing an additional 824,618 shares during the period. Jennison Associates LLC’s holdings in Cipher Mining were worth $32,423,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Los Angeles Capital Management LLC acquired a new stake in Cipher Mining in the fourth quarter valued at $25,000. Arax Advisory Partners lifted its holdings in Cipher Mining by 274.2% during the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after buying an additional 1,338 shares during the period. GAMMA Investing LLC grew its position in shares of Cipher Mining by 218.3% in the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after buying an additional 1,286 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Cipher Mining in the 4th quarter valued at about $28,000. Finally, Danske Bank A S grew its position in shares of Cipher Mining by 1,150.0% in the 4th quarter. Danske Bank A S now owns 2,500 shares of the company’s stock valued at $37,000 after buying an additional 2,300 shares during the last quarter. Institutional investors own 12.26% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CIFR. Rosenblatt Securities restated a “buy” rating and set a $30.00 price objective on shares of Cipher Mining in a research report on Thursday, June 25th. Zacks Research raised shares of Cipher Mining from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a report on Wednesday, June 24th. BTIG Research boosted their price target on shares of Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Finally, Sanford C. Bernstein assumed coverage on shares of Cipher Mining in a research note on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.22.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, major shareholder Holding Ltd V3 sold 1,800,000 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $26.62, for a total value of $47,916,000.00. Following the transaction, the insider directly owned 59,516,694 shares of the company’s stock, valued at approximately $1,584,334,394.28. This trade represents a 2.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 shares were sold at an average price of $19.36, for a total transaction of $929,280.00. Following the completion of the transaction, the chief operating officer directly owned 1,451,856 shares in the company, valued at approximately $28,107,932.16. The trade was a 3.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 3,245,336 shares of company stock worth $83,803,938 in the last quarter. Company insiders own 2.63% of the company’s stock.

Cipher Mining Trading Up 17.0%

NASDAQ CIFR opened at $20.54 on Tuesday. Cipher Mining Inc. has a one year low of $4.55 and a one year high of $30.14. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. The business has a 50 day simple moving average of $23.02 and a 200 day simple moving average of $18.71. The stock has a market capitalization of $8.40 billion, a P/E ratio of -8.82 and a beta of 3.18.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) EPS 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 analyst estimates of $36.12 million. The firm’s revenue for the quarter was down 28.8% on a year-over-year basis. Research analysts expect that Cipher Mining Inc. will post -0.8 earnings per share 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.