Principal Financial Group Inc. Sells 6,110 Shares of Cipher Mining Inc. (NASDAQ:CIFR)

Principal Financial Group Inc. lowered 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 & Exchange Commission. The institutional investor 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 reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Amalgamated Bank lifted its position in shares of Cipher Mining by 321.8% in the 2nd 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 purchased a new stake in Cipher Mining in the third quarter worth about $33,000. Xponance Inc. bought a new stake in Cipher Mining during the 2nd quarter valued at approximately $45,000. W Advisors LLC purchased a new position in shares of Cipher Mining during the 3rd quarter worth approximately $45,000. Finally, Prospect Financial Services LLC bought a new position in shares of Cipher Mining in the 3rd quarter worth approximately $47,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the transaction, the insider now owns 99,047,588 shares in the company, valued at $616,075,997.36. This represents a 1.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the completion of the sale, the chief operating officer now directly owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. This trade represents a 11.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,446,623 shares of company stock valued at $9,000,561 over the last ninety days. Insiders own 2.25% of the company’s stock.

Cipher Mining Trading Down 7.9 %

Shares of NASDAQ CIFR opened at $5.39 on Wednesday. The firm’s 50 day moving average price is $6.10 and its 200-day moving average price is $4.93. Cipher Mining Inc. has a 52-week low of $2.15 and a 52-week high of $7.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The company has a market cap of $1.87 billion, a PE ratio of -41.46 and a beta of 2.38.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data 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 business had revenue of $24.10 million during the quarter, compared to the consensus estimate 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 period last year, the company posted ($0.07) earnings per share. On average, equities research analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CIFR has been the topic of several research reports. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Northland Securities upped their target price on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 price target on shares of Cipher Mining in a research note on Tuesday. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective on the stock in a research note on Tuesday, December 10th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Nine 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 has a consensus rating of “Buy” and an average price target of $8.25.

Cipher Mining Company 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.