Jennison Associates LLC Takes Position in Cipher Mining Inc. $CIFR

Jennison Associates LLC acquired a new stake in shares of Cipher Mining Inc. (NASDAQ:CIFR) during the 4th quarter, HoldingsChannel reports. The institutional investor acquired 1,694,663 shares of the company’s stock, valued at approximately $25,013,000.

Several other hedge funds have also recently modified their holdings of CIFR. Sherman Asset Management Inc. acquired a new position in shares of Cipher Mining during the third quarter valued at about $25,000. GAMMA Investing LLC increased its holdings in shares of Cipher Mining by 218.3% during the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after acquiring an additional 1,286 shares in the last quarter. Hollencrest Capital Management acquired a new position in shares of Cipher Mining during the third quarter valued at about $31,000. CWM LLC increased its holdings in shares of Cipher Mining by 43.3% during the fourth quarter. CWM LLC now owns 2,661 shares of the company’s stock valued at $39,000 after acquiring an additional 804 shares in the last quarter. Finally, Peterson Wealth Services acquired a new position in shares of Cipher Mining during the third quarter valued at about $41,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. HC Wainwright cut their price objective on shares of Cipher Mining to $25.00 and set a “buy” rating on the stock in a report on Wednesday, February 25th. Zacks Research upgraded shares of Cipher Mining from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 25th. Keefe, Bruyette & Woods cut their price target on shares of Cipher Mining from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday, March 11th. Morgan Stanley reiterated an “overweight” rating and issued a $40.50 price target on shares of Cipher Mining in a report on Monday. Finally, Cantor Fitzgerald cut their price target on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Fourteen research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $25.00.

Insider Buying and Selling at Cipher Mining

In other news, COO Patrick Arthur Kelly sold 35,568 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $14.98, for a total transaction of $532,808.64. Following the sale, the chief operating officer owned 1,441,508 shares of the company’s stock, valued at $21,593,789.84. This trade represents a 2.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James E. Newsome sold 45,161 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was 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 $2,004,189.94. The trade was a 26.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 148,229 shares of company stock worth $2,283,968 in the last 90 days. Corporate insiders own 2.63% of the company’s stock.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR opened at $17.04 on Friday. Cipher Mining Inc. has a twelve month low of $2.88 and a twelve month high of $25.52. The company’s 50 day moving average is $15.64 and its 200 day moving average is $16.84. The company has a current ratio of 3.79, a quick ratio of 3.79 and a debt-to-equity ratio of 3.37. The company has a market cap of $6.92 billion, a PE ratio of -7.89 and a beta of 3.14.

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.