Arizona State Retirement System Buys 32,305 Shares of Cipher Mining Inc. (NASDAQ:CIFR)

Arizona State Retirement System grew its position in shares of Cipher Mining Inc. (NASDAQ:CIFR) by 184.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,802 shares of the company’s stock after purchasing an additional 32,305 shares during the period. Arizona State Retirement System’s holdings in Cipher Mining were worth $207,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in Cipher Mining by 62.0% in the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after purchasing an additional 2,164,383 shares during the period. Van ECK Associates Corp grew its stake in Cipher Mining by 0.8% in the second quarter. Van ECK Associates Corp now owns 2,755,829 shares of the company’s stock worth $11,437,000 after purchasing an additional 22,086 shares during the period. First Financial Bankshares Inc bought a new position in shares of Cipher Mining in the 4th quarter worth about $9,901,000. Vident Advisory LLC lifted its holdings in shares of Cipher Mining by 94.9% during the first quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after purchasing an additional 1,090,811 shares during the last quarter. Finally, Shariaportfolio Inc. purchased a new position in Cipher Mining during the fourth quarter valued at $2,460,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Stock Performance

Shares of CIFR opened at $2.90 on Thursday. The firm has a market capitalization of $899.08 million, a P/E ratio of 48.33 and a beta of 2.24. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49. Cipher Mining Inc. has a one year low of $2.15 and a one year high of $7.99. The business has a fifty day moving average of $4.26 and a 200 day moving average of $4.20.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The business had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. During the same period in the previous year, the company posted ($0.05) EPS. As a group, sell-side analysts anticipate that Cipher Mining Inc. will post -0.05 EPS for the current year.

Insider Buying and Selling at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 443,830 shares of Cipher Mining stock in a transaction on Monday, June 24th. The shares were sold at an average price of $4.33, for a total transaction of $1,921,783.90. Following the transaction, the insider now owns 112,410,700 shares in the company, valued at approximately $486,738,331. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders sold 7,714,000 shares of company stock valued at $26,154,130. Insiders own 2.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. Compass Point increased their target price on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a report on Thursday, August 29th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a report on Tuesday, September 3rd. Finally, Needham & Company LLC lifted their price objective on Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a report on Wednesday, August 14th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Cipher Mining presently has a consensus rating of “Buy” and an average target price of $7.70.

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.