Readystate Asset Management LP Acquires New Shares in Cipher Mining Inc. $CIFR

Readystate Asset Management LP bought a new position in shares of Cipher Mining Inc. (NASDAQ:CIFR) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 198,758 shares of the company’s stock, valued at approximately $2,558,000.

Other large investors have also recently made changes to their positions in the company. Royal Bank of Canada raised its stake in shares of Cipher Mining by 14.1% during the 1st quarter. Royal Bank of Canada now owns 408,758 shares of the company’s stock valued at $5,261,000 after purchasing an additional 50,654 shares during the period. Engle Capital Management L.P. increased its position in shares of Cipher Mining by 982.2% during the first quarter. Engle Capital Management L.P. now owns 777,000 shares of the company’s stock valued at $10,000,000 after buying an additional 705,200 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Cipher Mining by 3.0% in the first quarter. The Manufacturers Life Insurance Company now owns 166,208 shares of the company’s stock worth $2,139,000 after buying an additional 4,798 shares in the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Cipher Mining by 48.2% in the first quarter. Quantinno Capital Management LP now owns 27,609 shares of the company’s stock worth $355,000 after buying an additional 8,985 shares in the last quarter. Finally, SummitTX Capital L.P. lifted its holdings in shares of Cipher Mining by 20.0% in the first quarter. SummitTX Capital L.P. now owns 35,249 shares of the company’s stock worth $454,000 after buying an additional 5,881 shares in the last quarter. 12.26% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Jefferies Financial Group initiated coverage on shares of Cipher Mining in a research note on Thursday, May 14th. They set a “buy” rating and a $32.00 price objective for the company. HC Wainwright increased their target price on shares of Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Cantor Fitzgerald cut their price target on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cipher Mining in a report on Wednesday, June 24th. Finally, BTIG Research boosted their price target on shares of Cipher Mining from $25.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. One equities research 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $28.74.

Cipher Mining Price Performance

CIFR stock opened at $20.42 on Wednesday. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. Cipher Mining Inc. has a one year low of $4.55 and a one year high of $30.14. The stock has a market cap of $8.35 billion, a PE ratio of -8.76 and a beta of 3.18. The firm has a 50 day simple moving average of $23.35 and a two-hundred day simple moving average of $18.99.

Cipher Mining (NASDAQ:CIFR) last issued 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 company had revenue of $34.84 million during 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%.Cipher Mining’s revenue for the quarter was down 28.8% on a year-over-year basis. On average, analysts predict that Cipher Mining Inc. will post -0.8 EPS for the current fiscal year.

Insider Buying and Selling

In other Cipher Mining news, Director Wesley Hastie Williams sold 28,169 shares of Cipher Mining stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $22.26, for a total transaction of $627,041.94. Following the completion of the sale, the director owned 129,976 shares of the company’s stock, valued at $2,893,265.76. The trade was a 17.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Cary M. Grossman sold 20,000 shares of the company’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $21.82, for a total value of $436,400.00. Following the completion of the transaction, the director owned 150,530 shares of the company’s stock, valued at $3,284,564.60. The trade was a 11.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 3,245,336 shares of company stock valued at $83,803,938 in the last three months. 2.63% of the stock is 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.