Major Shareholder of Cipher Mining Sells Over 535,000 Shares

Cipher Mining Inc. (NASDAQ: CIFR) experienced a significant change in its shareholder structure following a recent transaction by its major shareholder, Holding Ltd V3. On October 16, 2023, the company sold 535,843 shares at an average price of $20.32, resulting in a total transaction value of $10,888,329.76. Post-transaction, Holding Ltd V3 retains ownership of 61,316,694 shares, valued at approximately $1.25 billion, marking a 0.87% decrease in its overall position.

The transaction was formally disclosed in a filing with the Securities and Exchange Commission, as mandated for large shareholders who own more than 10% of a company’s shares. This disclosure ensures transparency regarding significant movements in ownership among major stakeholders.

Cipher Mining’s Stock Performance and Analyst Insights

Following the transaction, shares of Cipher Mining opened at $18.72 on Friday, reflecting a decline of 11%. The stock’s performance has shown notable volatility, with a one-year low of $1.86 and a high of $22.00. Currently, Cipher Mining holds a market capitalization of $7.36 billion, with a price-to-earnings ratio of -43.53 and a beta of 2.87, indicating higher volatility compared to the broader market.

Recent ratings from Wall Street analysts provide a mixed outlook for Cipher Mining. HC Wainwright upgraded its price target from $7.50 to $17.00 with a “buy” rating as of September 29, 2023. Conversely, Weiss Ratings maintained a “sell (d+)” rating. Overall, the stock has received twelve “buy” ratings, two “hold” ratings, and one “sell” rating, leading to a consensus rating of “Moderate Buy” with an average target price of $17.68, according to data from MarketBeat.com.

Institutional Investment Trends

Recent shifts in institutional investments reveal growing interest in Cipher Mining. Several hedge funds have adjusted their positions in the company. For instance, Stoneridge Investment Partners LLC acquired a new stake valued at $29,000 in the first quarter. FNY Investment Advisers LLC increased its stake by 42.9%, now holding 16,000 shares valued at $36,000 after acquiring additional shares.

Other notable investments include Valeo Financial Advisors LLC, which bought a new stake valued at $37,000, and Steward Partners Investment Advisory LLC, which raised its stake by 258.1% during the second quarter. Currently, institutional investors and hedge funds collectively own 12.26% of Cipher Mining’s stock.

Cipher Mining, established in 2020 and headquartered in New York, New York, specializes in developing and operating industrial-scale bitcoin mining data centers across the United States. The company operates as a subsidiary of Bitfury Holding B.V., positioning itself as a key player in the evolving cryptocurrency landscape.

In summary, the recent sale of shares by Holding Ltd V3 highlights ongoing changes in the ownership structure of Cipher Mining. Coupled with analysts’ varying outlooks and increasing institutional interest, these developments will be closely monitored by investors and market participants alike.