Cipher Mining (NASDAQ:CIFR) Shares Gap Down After Insider Selling

Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $5.46, but opened at $5.03. Cipher Mining shares last traded at $5.14, with a volume of 4,896,832 shares.

Specifically, major shareholder Holding Ltd V3 sold 369,984 shares of the firm’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $5.61, for a total value of $2,075,610.24. Following the transaction, the insider owned 90,942,259 shares in the company, valued at approximately $510,186,072.99. This trade represents a 0.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Holding Ltd V3 sold 66,049 shares of the company’s stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $6.06, for a total transaction of $400,256.94. Following the sale, the insider directly owned 91,312,243 shares of the company’s stock, valued at $553,352,192.58. This represents a 0.07% decrease in their position. The disclosure for this sale can be found here. In other Cipher Mining news, major shareholder Holding Ltd V3 sold 500,000 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $6.19, for a total transaction of $3,095,000.00. Following the sale, the insider directly owned 91,378,292 shares in the company, valued at $565,631,627.48. This represents a 0.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CIFR. Canaccord Genuity Group restated a “buy” rating and issued a $8.00 target price on shares of Cipher Mining in a research report on Thursday, May 8th. Jones Trading initiated coverage on shares of Cipher Mining in a research note on Monday, July 21st. They issued a “hold” rating on the stock. Rosenblatt Securities restated a “buy” rating and set a $5.50 target price on shares of Cipher Mining in a research note on Wednesday, May 7th. HC Wainwright reaffirmed a “buy” rating on shares of Cipher Mining in a report on Tuesday, May 6th. Finally, Cantor Fitzgerald lifted their price target on Cipher Mining from $4.00 to $6.00 and gave the company an “overweight” rating in a research note on Thursday, June 5th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $7.63.

Cipher Mining Price Performance

The business’s 50-day simple moving average is $4.85 and its two-hundred day simple moving average is $4.16. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of -13.69 and a beta of 2.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.11 and a quick ratio of 1.11.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, meeting analysts’ consensus estimates of ($0.11). Cipher Mining had a negative return on equity of 17.77% and a negative net margin of 81.21%. The company had revenue of $48.96 million during the quarter, compared to analysts’ expectations of $53.57 million. Research analysts expect that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Hedge Funds Weigh In On Cipher Mining

Several large investors have recently bought and sold shares of CIFR. NewEdge Advisors LLC bought a new stake in shares of Cipher Mining during the fourth quarter worth about $29,000. Stoneridge Investment Partners LLC acquired a new stake in Cipher Mining during the 1st quarter worth approximately $29,000. FNY Investment Advisers LLC grew its holdings in Cipher Mining by 42.9% during the 1st quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company’s stock worth $36,000 after acquiring an additional 4,800 shares during the last quarter. Valeo Financial Advisors LLC bought a new stake in Cipher Mining during the 1st quarter worth approximately $37,000. Finally, Signal Advisors Wealth LLC acquired a new position in Cipher Mining in the 2nd quarter valued at approximately $48,000. 12.26% of the stock is currently owned by institutional investors.

About Cipher Mining

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.