Verition Fund Management LLC Grows Position in Cipher Mining Inc. (NASDAQ:CIFR)

Verition Fund Management LLC boosted its position in Cipher Mining Inc. (NASDAQ:CIFR) by 30.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,130 shares of the company’s stock after acquiring an additional 3,086 shares during the quarter. Verition Fund Management LLC’s holdings in Cipher Mining were worth $51,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Amalgamated Bank raised its holdings in shares of Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC purchased a new position in Cipher Mining in the third quarter valued at $33,000. Xponance Inc. purchased a new position in Cipher Mining in the second quarter valued at $45,000. W Advisors LLC acquired a new stake in Cipher Mining in the third quarter valued at $45,000. Finally, Prospect Financial Services LLC purchased a new stake in Cipher Mining during the 3rd quarter worth about $47,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Trading Down 2.2 %

Shares of Cipher Mining stock opened at $7.23 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The company has a market capitalization of $2.51 billion, a P/E ratio of -55.62 and a beta of 2.29. Cipher Mining Inc. has a 1 year low of $2.15 and a 1 year high of $7.99. The company’s fifty day moving average is $5.97 and its two-hundred day moving average is $4.85.

Cipher Mining (NASDAQ:CIFR) last released 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). The company had revenue of $24.10 million for the quarter, compared to analysts’ expectations of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same period in the prior year, the business earned ($0.07) EPS. Analysts forecast that Cipher Mining Inc. will post -0.18 earnings per share for the current year.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the sale, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider William Iwaschuk sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total value of $591,000.00. Following the transaction, the insider now owns 619,148 shares in the company, valued at $2,439,443.12. The trade was a 19.50 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,593,503 shares of company stock worth $9,568,005. 2.25% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 price objective on shares of Cipher Mining in a report on Thursday, October 3rd. Northland Securities increased their price target 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. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Finally, BTIG Research boosted their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Nine investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $8.03.

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.