Fifth Third Bancorp Makes New Investment in Cipher Mining Inc. $CIFR

Fifth Third Bancorp bought a new position in Cipher Mining Inc. (NASDAQ:CIFR) in the 1st quarter, according to its most recent disclosure with the SEC. The firm bought 198,233 shares of the company’s stock, valued at approximately $2,551,000.

A number of other large investors have also recently modified their holdings of the stock. HighTower Advisors LLC boosted its stake in Cipher Mining by 16.6% during the fourth quarter. HighTower Advisors LLC now owns 671,775 shares of the company’s stock worth $9,915,000 after acquiring an additional 95,686 shares in the last quarter. Foundations Investment Advisors LLC bought a new position in shares of Cipher Mining during the fourth quarter valued at approximately $667,000. Purpose Unlimited Inc. bought a new position in shares of Cipher Mining during the fourth quarter valued at approximately $1,558,000. Tyche Wealth Partners LLC lifted its holdings in shares of Cipher Mining by 119.0% during the fourth quarter. Tyche Wealth Partners LLC now owns 115,000 shares of the company’s stock valued at $1,697,000 after purchasing an additional 62,500 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new position in shares of Cipher Mining during the first quarter valued at approximately $2,188,000. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Trading Up 17.0%

NASDAQ:CIFR opened at $20.54 on Tuesday. The company’s 50 day moving average price is $23.02 and its 200-day moving average price is $18.71. Cipher Mining Inc. has a 52 week low of $4.55 and a 52 week high of $30.14. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13. The stock has a market cap of $8.40 billion, a price-to-earnings ratio of -8.82 and a beta of 3.18.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The firm had revenue of $34.84 million for the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining’s quarterly revenue was down 28.8% compared to the same quarter last year. On average, equities research analysts forecast that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CIFR has been the topic of several recent research reports. Needham & Company LLC upped their price target on Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cipher Mining in a research note on Wednesday, June 24th. HC Wainwright boosted their target price on Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. BTIG Research increased their target price on Cipher Mining from $25.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. Finally, Morgan Stanley reduced their price target on Cipher Mining from $48.50 to $47.00 and set an “overweight” rating for the company in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $28.22.

Insiders Place Their Bets

In other news, Director Wesley Hastie Williams sold 14,567 shares of the company’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $21.41, for a total transaction of $311,879.47. Following the transaction, the director directly owned 115,409 shares of the company’s stock, valued at $2,470,906.69. This represents a 11.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director James E. Newsome sold 3,758 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total value of $99,962.80. Following the sale, the director directly owned 128,530 shares in the company, valued at $3,418,898. This trade represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 3,245,336 shares of company stock worth $83,803,938. 2.63% of the stock is owned by corporate insiders.

Cipher Mining 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.