Geode Capital Management LLC Raises Stock Position in Cipher Mining Inc. (NASDAQ:CIFR)

Geode Capital Management LLC grew its stake in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) by 37.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,509,853 shares of the company's stock after buying an additional 1,511,455 shares during the quarter. Geode Capital Management LLC owned 1.58% of Cipher Mining worth $21,327,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. State Street Corp raised its holdings in Cipher Mining by 17.3% during the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company's stock valued at $26,777,000 after buying an additional 1,019,949 shares during the last quarter. Millennium Management LLC increased its position in shares of Cipher Mining by 122.8% in the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company's stock valued at $22,123,000 after acquiring an additional 2,938,184 shares during the period. Van ECK Associates Corp raised its stake in shares of Cipher Mining by 41.5% during the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company's stock valued at $15,094,000 after acquiring an additional 1,144,390 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Cipher Mining by 71.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,356,044 shares of the company's stock worth $9,118,000 after purchasing an additional 977,963 shares during the period. Finally, Paloma Partners Management Co bought a new stake in shares of Cipher Mining in the third quarter worth about $4,029,000. Hedge funds and other institutional investors own 12.26% of the company's stock.

Cipher Mining Stock Down 7.6 %

Shares of Cipher Mining stock traded down $0.40 during midday trading on Friday, hitting $4.86. The company had a trading volume of 9,837,962 shares, compared to its average volume of 9,440,573. The company has a 50 day moving average of $6.15 and a 200 day moving average of $4.93. The stock has a market capitalization of $1.69 billion, a P/E ratio of -37.38 and a beta of 2.29. Cipher Mining Inc. has a 52-week low of $2.15 and a 52-week high of $7.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The company had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same quarter in the previous year, the business earned ($0.07) earnings per share. On average, equities analysts predict that Cipher Mining Inc. will post -0.18 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on CIFR. HC Wainwright reaffirmed a "buy" rating and set a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. Northland Capmk raised Cipher Mining to a "strong-buy" rating in a research note on Wednesday, September 25th. Cantor Fitzgerald reissued an "overweight" rating and set a $9.00 price objective on shares of Cipher Mining in a research report on Thursday, October 3rd. Northland Securities lifted their target price on shares of Cipher Mining from $6.00 to $8.50 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Finally, Macquarie raised their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an "outperform" rating in a report on Thursday, November 7th. Nine investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $8.03.

Insiders Place Their Bets

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the company's stock in a transaction on Monday, October 28th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the transaction, the insider now directly owns 99,047,588 shares of the company's stock, valued at $616,075,997.36. This represents a 1.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the sale, the chief operating officer now owns 717,431 shares of the company's stock, valued at $3,135,173.47. The trade was a 11.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,446,623 shares of company stock valued at $9,000,561. Insiders own 2.25% of the company's stock.

Cipher Mining Profile

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.