Principal Financial Group Inc. Has $59,000 Stock Holdings in Cipher Mining Inc. (NASDAQ:CIFR)

Principal Financial Group Inc. reduced its stake in Cipher Mining Inc. (NASDAQ:CIFR) by 28.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,121 shares of the company’s stock after selling 6,110 shares during the period. Principal Financial Group Inc.’s holdings in Cipher Mining were worth $59,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Amalgamated Bank increased its stake in shares of Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after purchasing an additional 4,557 shares during the period. Farther Finance Advisors LLC bought a new position in Cipher Mining during the 3rd quarter worth $33,000. Xponance Inc. acquired a new stake in shares of Cipher Mining during the second quarter worth $45,000. W Advisors LLC bought a new stake in shares of Cipher Mining in the third quarter valued at about $45,000. Finally, Prospect Financial Services LLC acquired a new position in shares of Cipher Mining in the third quarter valued at about $47,000. 12.26% of the stock is owned by institutional investors.

Cipher Mining Stock Performance

NASDAQ CIFR opened at $5.63 on Wednesday. The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of -43.30 and a beta of 2.18. The stock has a fifty day simple moving average of $5.08 and a 200 day simple moving average of $4.56. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. Cipher Mining Inc. has a twelve month low of $2.15 and a twelve month high of $7.99.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The firm had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same quarter in the previous year, the firm earned ($0.07) EPS. Sell-side analysts expect that Cipher Mining Inc. will post -0.18 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CIFR. Compass Point boosted their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Northland Capmk raised Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. BTIG Research lifted their price objective on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a report on Thursday, October 3rd. Finally, Stifel Canada raised Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. Eight research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Cipher Mining presently has a consensus rating of “Buy” and a consensus price target of $7.72.

Insider Activity

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the transaction, the insider now directly owns 103,946,004 shares of the company’s stock, valued at approximately $284,812,050.96. This represents a 1.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the 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 completion of the transaction, the chief operating officer now owns 664,270 shares in the company, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,296,839 shares of company stock worth $25,974,602 in the last quarter. 2.25% of the stock is owned by corporate insiders.

Cipher Mining 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.