Principal Financial Group Inc. Sells 6,110 Shares of Cipher Mining Inc. (NASDAQ:CIFR)

Principal Financial Group Inc. lowered its stake in Cipher Mining Inc. (NASDAQ:CIFR) by 28.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,121 shares of the company’s stock after selling 6,110 shares during the quarter. Principal Financial Group Inc.’s holdings in Cipher Mining were worth $59,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its holdings in shares of Cipher Mining by 243.2% in the second quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock worth $2,279,000 after buying an additional 389,079 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Cipher Mining by 93.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,482 shares of the company’s stock worth $89,000 after purchasing an additional 10,380 shares in the last quarter. Rhumbline Advisers lifted its stake in Cipher Mining by 253.7% in the 2nd quarter. Rhumbline Advisers now owns 226,905 shares of the company’s stock worth $942,000 after purchasing an additional 162,749 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Cipher Mining by 21.7% in the 2nd quarter. Victory Capital Management Inc. now owns 23,895 shares of the company’s stock valued at $99,000 after purchasing an additional 4,256 shares during the period. Finally, Arizona State Retirement System grew its position in shares of Cipher Mining by 184.6% during the 2nd quarter. Arizona State Retirement System now owns 49,802 shares of the company’s stock valued at $207,000 after purchasing an additional 32,305 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Insider Activity

In related news, COO Patrick Arthur Kelly sold 53,161 shares of Cipher Mining stock in a transaction on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the transaction, the chief operating officer now directly owns 664,270 shares of the company’s stock, valued at $4,756,173.20. The trade was a 7.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the sale, the insider now directly owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. The trade was a 1.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,446,623 shares of company stock valued at $9,000,561. Insiders own 2.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CIFR. Macquarie lifted their price objective on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Needham & Company LLC reiterated a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a research report on Friday, November 1st. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research note on Tuesday, December 10th. Finally, BTIG Research boosted their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Nine research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $8.25.

Cipher Mining Trading Down 7.9 %

CIFR stock opened at $5.39 on Wednesday. The company has a market capitalization of $1.87 billion, a PE ratio of -41.46 and a beta of 2.38. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. Cipher Mining Inc. has a one year low of $2.15 and a one year high of $7.99. The company’s 50 day moving average price is $6.10 and its two-hundred day moving average price is $4.93.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Thursday, October 31st. The company reported ($0.26) 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 business had revenue of $24.10 million during the quarter, compared to analysts’ expectations of $25.84 million. During the same quarter in the previous year, the business earned ($0.07) EPS. As a group, analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Cipher Mining Company Profile

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.