FirstWave Capital Management LLC Purchases New Holdings in Cipher Mining Inc. $CIFR

FirstWave Capital Management LLC acquired a new position in shares of Cipher Mining Inc. (NASDAQ:CIFR) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 98,381 shares of the company’s stock, valued at approximately $2,410,000. Cipher Mining comprises 1.1% of FirstWave Capital Management LLC’s investment portfolio, making the stock its 28th biggest holding.

Other hedge funds have also made changes to their positions in the company. Los Angeles Capital Management LLC acquired a new stake in Cipher Mining in the fourth quarter valued at $25,000. Arax Advisory Partners raised its stake in shares of Cipher Mining by 274.2% in the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after purchasing an additional 1,338 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Cipher Mining in the 4th quarter valued at about $28,000. Danske Bank A S lifted its position in shares of Cipher Mining by 1,150.0% during the fourth quarter. Danske Bank A S now owns 2,500 shares of the company’s stock worth $37,000 after purchasing an additional 2,300 shares during the last quarter. Finally, CWM LLC grew its stake in Cipher Mining by 43.3% in the fourth quarter. CWM LLC now owns 2,661 shares of the company’s stock worth $39,000 after purchasing an additional 804 shares in the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Citigroup reissued a “market outperform” rating on shares of Cipher Mining in a report on Monday, August 10th. Keefe, Bruyette & Woods dropped their target price on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Chardan Capital reaffirmed a “buy” rating and issued a $32.00 price target on shares of Cipher Mining in a report on Tuesday, August 4th. Rosenblatt Securities reiterated a “buy” rating and set a $30.00 price objective on shares of Cipher Mining in a research note on Friday. Finally, Morgan Stanley set a $43.50 target price on Cipher Mining in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $28.61.

Insider Buying and Selling at Cipher Mining

In other news, Director Cary Grossman sold 15,000 shares of Cipher Mining stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $29.43, for a total value of $441,450.00. Following the transaction, the director directly owned 143,829 shares of the company’s stock, valued at $4,232,887.47. This trade represents a 9.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Tyler Page sold 112,500 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the sale, the chief executive officer owned 9,084,225 shares in the company, valued at $192,494,727.75. This represents a 1.22% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 131,258 shares of company stock valued at $2,925,288. 3.09% of the stock is currently owned by corporate insiders.

Cipher Mining Price Performance

NASDAQ CIFR opened at $17.74 on Friday. Cipher Mining Inc. has a 12 month low of $7.08 and a 12 month high of $30.14. The firm has a market capitalization of $7.36 billion, a PE ratio of -6.20 and a beta of 3.15. The company’s 50 day simple moving average is $19.33 and its 200 day simple moving average is $19.10. The company has a debt-to-equity ratio of 9.69, a current ratio of 3.00 and a quick ratio of 3.00.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). The firm had revenue of $24.84 million during the quarter, compared to the consensus estimate of $31.86 million. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.During the same period in the prior year, the firm posted ($0.12) EPS. As a group, equities research analysts forecast that Cipher Mining Inc. will post -1.36 EPS for the current fiscal 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.