Paloma Partners Management Co Invests $4.03 Million in Cipher Mining Inc. (NASDAQ:CIFR)

Paloma Partners Management Co acquired a new position in shares of Cipher Mining Inc. (NASDAQ:CIFR - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,041,000 shares of the company's stock, valued at approximately $4,029,000. Paloma Partners Management Co owned approximately 0.30% of Cipher Mining at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CIFR. Victory Capital Management Inc. grew its stake in shares of Cipher Mining by 8.8% during the third quarter. Victory Capital Management Inc. now owns 25,996 shares of the company's stock valued at $101,000 after buying an additional 2,101 shares during the last quarter. Vima LLC raised its holdings in Cipher Mining by 11.3% during the 3rd quarter. Vima LLC now owns 24,656 shares of the company's stock valued at $95,000 after buying an additional 2,504 shares during the last quarter. Verition Fund Management LLC increased its position in shares of Cipher Mining by 30.7% in the third quarter. Verition Fund Management LLC now owns 13,130 shares of the company's stock valued at $51,000 after acquiring an additional 3,086 shares during the period. Amalgamated Bank grew its stake in shares of Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company's stock worth $25,000 after purchasing an additional 4,557 shares during the last quarter. Finally, Strategic Blueprint LLC boosted its holdings in Cipher Mining by 33.3% in the third quarter. Strategic Blueprint LLC now owns 20,000 shares of the company's stock valued at $77,000 after acquiring an additional 5,000 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company's stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $2.74, for a total value of $5,209,046.88. Following the transaction, the insider now directly owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. This represents a 1.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider William Iwaschuk sold 150,000 shares of Cipher Mining stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the sale, the insider now directly owns 619,148 shares of the company's stock, valued at $2,439,443.12. This represents a 19.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,296,839 shares of company stock valued at $25,974,602 in the last ninety days. 2.25% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CIFR shares. BTIG Research boosted their target price on shares of Cipher Mining from $6.00 to $9.00 and gave the company a "buy" rating in a report on Friday, November 15th. Compass Point lifted their price target on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a "buy" rating in a research note on Thursday, August 15th. Cantor Fitzgerald restated an "overweight" rating and issued a $9.00 price objective on shares of Cipher Mining in a research note on Thursday, October 3rd. Stifel Canada raised Cipher Mining to a "strong-buy" rating in a report on Tuesday, August 6th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $7.50 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Eight research 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, Cipher Mining has a consensus rating of "Buy" and a consensus price target of $7.72.

Cipher Mining Trading Down 7.8 %

NASDAQ CIFR traded down $0.52 during trading hours on Monday, hitting $6.18. 6,381,491 shares of the company were exchanged, compared to its average volume of 9,315,479. The stock has a market cap of $2.15 billion, a PE ratio of -50.62 and a beta of 2.18. Cipher Mining Inc. has a 52 week low of $2.15 and a 52 week high of $7.99. The stock has a 50-day moving average price of $5.29 and a 200 day moving average price of $4.62. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The company had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. During the same quarter in the prior year, the business earned ($0.07) earnings per share. Analysts forecast that Cipher Mining Inc. will post -0.18 earnings per share for the current fiscal year.

About Cipher Mining

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.