Galaxy Digital Inc. Invests $579,000 in Cipher Mining Inc. $CIFR

Galaxy Digital Inc. bought a new stake in Cipher Mining Inc. (NASDAQ:CIFR) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 45,000 shares of the company’s stock, valued at approximately $579,000.

Other large investors also recently made changes to their positions in the company. Los Angeles Capital Management LLC purchased a new position in Cipher Mining during the fourth quarter worth about $25,000. Arax Advisory Partners grew 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 purchasing an additional 1,338 shares in the last quarter. GAMMA Investing LLC increased its stake in Cipher Mining by 218.3% in the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after buying an additional 1,286 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Cipher Mining in the 4th quarter valued at about $28,000. Finally, Danske Bank A S lifted its position in shares of Cipher Mining by 1,150.0% during the 4th quarter. Danske Bank A S now owns 2,500 shares of the company’s stock worth $37,000 after buying an additional 2,300 shares in the last quarter. 12.26% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Cipher Mining news, Director Wesley Hastie Williams sold 28,169 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $22.26, for a total value of $627,041.94. Following the completion of the sale, the director directly owned 129,976 shares of the company’s stock, valued at $2,893,265.76. This trade represents a 17.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Holding Ltd V3 sold 1,800,000 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $26.62, for a total value of $47,916,000.00. Following the completion of the sale, the insider owned 59,516,694 shares in the company, valued at approximately $1,584,334,394.28. The trade was a 2.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,245,336 shares of company stock valued at $83,803,938 in the last quarter. 2.63% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CIFR has been the topic of a number of research analyst reports. Cantor Fitzgerald cut their target price on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. Rosenblatt Securities reaffirmed a “buy” rating and set a $30.00 price target on shares of Cipher Mining in a research report on Thursday, June 25th. Sanford C. Bernstein assumed coverage on Cipher Mining in a report on Wednesday, June 3rd. They set an “outperform” rating and a $32.00 price target on the stock. Needham & Company LLC upped their price objective on Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Finally, Morgan Stanley decreased their target price on Cipher Mining from $48.50 to $47.00 and set an “overweight” rating for the company in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining presently has an average rating of “Moderate Buy” and an average target price of $28.22.

Cipher Mining Stock Down 10.3%

CIFR opened at $23.15 on Friday. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13. The stock has a market cap of $9.47 billion, a price-to-earnings ratio of -9.94 and a beta of 3.18. Cipher Mining Inc. has a twelve month low of $4.55 and a twelve month high of $30.14. The company’s 50-day moving average price is $23.27 and its two-hundred day moving average price is $18.93.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The company had revenue of $34.84 million for the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining’s quarterly revenue was down 28.8% on a year-over-year basis. As a group, equities analysts expect that Cipher Mining Inc. will post -0.8 earnings per share for the current year.

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.