Formidable Asset Management LLC Purchases Shares of 44,623 Cipher Mining Inc. $CIFR

Formidable Asset Management LLC acquired a new position in Cipher Mining Inc. (NASDAQ:CIFR) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 44,623 shares of the company’s stock, valued at approximately $659,000.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Cipher Mining by 13.4% in the 3rd quarter. Vanguard Group Inc. now owns 22,814,653 shares of the company’s stock valued at $287,236,000 after buying an additional 2,699,717 shares during the last quarter. Tidal Investments LLC raised its holdings in shares of Cipher Mining by 28.3% in the second quarter. Tidal Investments LLC now owns 6,984,438 shares of the company’s stock valued at $33,386,000 after purchasing an additional 1,541,138 shares during the last quarter. Invesco Ltd. lifted its position in shares of Cipher Mining by 40.0% during the third quarter. Invesco Ltd. now owns 6,852,074 shares of the company’s stock valued at $86,268,000 after purchasing an additional 1,958,385 shares in the last quarter. Two Sigma Investments LP boosted its holdings in Cipher Mining by 64.9% during the third quarter. Two Sigma Investments LP now owns 6,746,401 shares of the company’s stock worth $84,937,000 after purchasing an additional 2,655,015 shares during the last quarter. Finally, Voloridge Investment Management LLC bought a new stake in Cipher Mining in the 3rd quarter worth about $70,524,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on CIFR shares. Wall Street Zen cut shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a research report on Sunday, March 1st. Keefe, Bruyette & Woods dropped their price target on Cipher Mining from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday, March 11th. Needham & Company LLC restated a “buy” rating and issued a $22.00 price objective on shares of Cipher Mining in a research note on Wednesday, March 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cipher Mining in a research note on Friday, March 27th. Finally, Rosenblatt Securities restated a “buy” rating and set a $24.00 price target on shares of Cipher Mining in a research report on Thursday, March 26th. Fourteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $23.68.

Insider Transactions at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 35,568 shares of Cipher Mining stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $14.98, for a total value of $532,808.64. Following the completion of the sale, the chief operating officer owned 1,441,508 shares of the company’s stock, valued at approximately $21,593,789.84. This trade represents a 2.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director James E. Newsome sold 45,161 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $15.74, for a total transaction of $710,834.14. Following the sale, the director directly owned 127,331 shares in the company, valued at approximately $2,004,189.94. This trade represents a 26.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 183,797 shares of company stock worth $2,915,655. Insiders own 2.63% of the company’s stock.

Cipher Mining Stock Performance

NASDAQ:CIFR opened at $12.82 on Friday. The company has a market capitalization of $5.19 billion, a P/E ratio of -5.94 and a beta of 3.01. The business has a fifty day simple moving average of $15.18 and a two-hundred day simple moving average of $16.38. The company has a debt-to-equity ratio of 3.37, a current ratio of 3.79 and a quick ratio of 3.79. Cipher Mining Inc. has a 1 year low of $1.86 and a 1 year high of $25.52.

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.