Galaxy Digital Inc. Acquires Shares of 45,000 Cipher Mining Inc. $CIFR

Galaxy Digital Inc. bought a new position in shares of Cipher Mining Inc. (NASDAQ:CIFR) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 45,000 shares of the company’s stock, valued at approximately $579,000.

Several other large investors have also recently modified their holdings of CIFR. Vanguard Group Inc. raised its position 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 period. Situational Awareness LP boosted its holdings in Cipher Mining by 82.4% in the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock worth $154,524,000 after buying an additional 4,728,600 shares during the period. Geode Capital Management LLC boosted its holdings in Cipher Mining by 7.3% in the 4th quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company’s stock worth $120,519,000 after buying an additional 558,105 shares during the period. State Street Corp boosted its holdings in Cipher Mining by 10.2% in the 4th quarter. State Street Corp now owns 8,078,423 shares of the company’s stock worth $119,238,000 after buying an additional 745,030 shares during the period. Finally, Value Aligned Research Advisors LLC grew its stake in Cipher Mining by 45.9% in the 4th quarter. Value Aligned Research Advisors LLC now owns 7,447,495 shares of the company’s stock valued at $109,925,000 after buying an additional 2,342,958 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Sanford C. Bernstein started coverage on Cipher Mining in a research report on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 target price on the stock. Keefe, Bruyette & Woods lifted their price target on Cipher Mining from $23.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. Rosenblatt Securities reiterated a “buy” rating and set a $30.00 price objective on shares of Cipher Mining in a research note on Thursday, June 25th. HC Wainwright increased their price objective on Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $28.22.

Cipher Mining Stock Performance

Cipher Mining stock opened at $23.15 on Friday. The firm’s 50 day simple moving average is $23.27 and its 200 day simple moving average is $18.93. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 6.13. The firm has a market capitalization of $9.47 billion, a PE ratio of -9.94 and a beta of 3.18. Cipher Mining Inc. has a 1-year low of $4.55 and a 1-year high of $30.14.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (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 firm had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. The company’s revenue was down 28.8% on a year-over-year basis. As a group, analysts expect that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.

Insider Transactions at Cipher Mining

In related news, major shareholder Holding Ltd V3 sold 1,800,000 shares of Cipher Mining stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $26.62, for a total transaction of $47,916,000.00. Following the completion of the sale, the insider 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 the SEC website. Also, Director Cary M. Grossman sold 20,000 shares of Cipher Mining stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $21.82, for a total value of $436,400.00. Following the sale, the director directly owned 150,530 shares of the company’s stock, valued at $3,284,564.60. This represents a 11.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have 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.