Renaissance Technologies LLC Buys New Position in Cipher Mining Inc. $CIFR

Renaissance Technologies LLC bought a new stake in Cipher Mining Inc. (NASDAQ:CIFR) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,902,567 shares of the company’s stock, valued at approximately $24,486,000. Renaissance Technologies LLC owned approximately 0.47% of Cipher Mining as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of CIFR. Vanguard Group Inc. raised its holdings in shares of Cipher Mining by 43.2% in the fourth quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock valued at $482,360,000 after purchasing an additional 9,865,533 shares during the last quarter. Voloridge Investment Management LLC bought a new position in Cipher Mining in the third quarter valued at $70,524,000. Situational Awareness LP increased its stake in Cipher Mining by 82.4% in the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock valued at $154,524,000 after buying an additional 4,728,600 shares during the last quarter. Janus Henderson Group PLC increased its stake in Cipher Mining by 3,718.3% in the 4th quarter. Janus Henderson Group PLC now owns 4,292,790 shares of the company’s stock valued at $63,359,000 after buying an additional 4,180,362 shares during the last quarter. Finally, Millennium Management LLC bought a new stake in Cipher Mining during the 1st quarter worth about $9,316,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Stock Down 13.4%

Shares of CIFR stock opened at $17.69 on Thursday. Cipher Mining Inc. has a 52-week low of $4.55 and a 52-week high of $30.14. The stock has a market cap of $7.24 billion, a price-to-earnings ratio of -7.59 and a beta of 3.18. The firm’s 50-day moving average is $23.31 and its 200-day moving average is $19.00. 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 (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). The business had revenue of $34.84 million for the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The company’s quarterly revenue was down 28.8% compared to the same quarter last year. Sell-side analysts predict that Cipher Mining Inc. will post -0.8 EPS for the current year.

Analysts Set New Price Targets

CIFR has been the subject of several analyst reports. BTIG Research raised their price objective on Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. Morgan Stanley dropped their target price on Cipher Mining from $48.50 to $47.00 and set an “overweight” rating on the stock in a report on Monday, July 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a research report on Wednesday, June 24th. Cantor Fitzgerald decreased their price target on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Finally, Jefferies Financial Group initiated coverage on Cipher Mining in a research report on Thursday, May 14th. They set a “buy” rating and a $32.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $28.74.

Insider Activity at Cipher Mining

In other Cipher Mining news, CEO Tyler Page sold 112,500 shares of the firm’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the sale, the chief executive officer owned 9,084,225 shares of the company’s stock, valued at $192,494,727.75. This trade represents a 1.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Cary M. Grossman sold 20,000 shares of Cipher Mining stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $21.82, for a total transaction of $436,400.00. Following the transaction, the director directly 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. The SEC filing for this sale provides additional information. Insiders sold a total of 3,245,336 shares of company stock worth $83,803,938 in the last three months. 2.63% of the stock is owned by company insiders.

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.