Bank of New York Mellon Corp Sells 39,530 Shares of Cipher Mining Inc. $CIFR

Bank of New York Mellon Corp cut its position in Cipher Mining Inc. (NASDAQ:CIFR) by 3.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,060,379 shares of the company’s stock after selling 39,530 shares during the quarter. Bank of New York Mellon Corp’s holdings in Cipher Mining were worth $13,647,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Abel Hall LLC lifted its position in Cipher Mining by 3.8% during the 1st quarter. Abel Hall LLC now owns 20,140 shares of the company’s stock worth $259,000 after acquiring an additional 739 shares during the last quarter. CWM LLC grew its holdings in Cipher Mining by 43.3% in the 4th quarter. CWM LLC now owns 2,661 shares of the company’s stock valued at $39,000 after buying an additional 804 shares during the last quarter. Prospera Financial Services Inc grew its holdings in Cipher Mining by 6.7% in the 4th quarter. Prospera Financial Services Inc now owns 15,600 shares of the company’s stock valued at $230,000 after buying an additional 980 shares during the last quarter. Arax Advisory Partners increased its position in Cipher Mining by 274.2% in the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after buying an additional 1,338 shares during the period. Finally, Nisa Investment Advisors LLC increased its position in Cipher Mining by 26.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 7,077 shares of the company’s stock worth $104,000 after buying an additional 1,468 shares during the period. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Trading Down 1.5%

Shares of CIFR stock opened at $22.32 on Friday. Cipher Mining Inc. has a 12-month low of $4.55 and a 12-month high of $30.14. The company has a market capitalization of $9.13 billion, a P/E ratio of -9.58 and a beta of 3.18. The firm has a 50-day moving average price of $23.34 and a 200 day moving average price of $19.07. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) earnings per share 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 for the quarter, compared to the consensus estimate of $36.12 million. The firm’s revenue for the quarter was down 28.8% compared to the same quarter last year. Research analysts forecast that Cipher Mining Inc. will post -0.84 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on CIFR. Needham & Company LLC raised their price target on shares of Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Morgan Stanley decreased their target price on shares of Cipher Mining from $48.50 to $47.00 and set an “overweight” rating on the stock in a research report on Monday, July 20th. Keefe, Bruyette & Woods increased their target price on Cipher Mining from $27.00 to $32.00 and gave the stock an “outperform” rating in a report on Tuesday. BTIG Research raised their target price on Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $28.74.

Insider Activity at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 48,000 shares of Cipher Mining stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $19.36, for a total transaction of $929,280.00. Following the transaction, the chief operating officer owned 1,451,856 shares in the company, valued at $28,107,932.16. The trade was a 3.20% decrease in their position. The transaction 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 stock in a transaction that occurred on Wednesday, May 6th. The stock was 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 approximately $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. Over the last quarter, insiders sold 3,245,336 shares of company stock valued at $83,803,938. 2.63% of the stock is owned by corporate insiders.

Cipher Mining Company 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.