Cipher Mining (NASDAQ:CIFR) Stock Price Down 6% Following Insider Selling

Cipher Mining Inc. (NASDAQ:CIFR)’s share price fell 6% during trading on Wednesday following insider selling activity. The stock traded as low as $5.32 and last traded at $5.42. 4,934,854 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 21,049,043 shares. The stock had previously closed at $5.76.

Specifically, COO Patrick Arthur Kelly sold 44,871 shares of the company’s stock in a transaction on Friday, August 15th. The shares were sold at an average price of $5.20, for a total transaction of $233,329.20. Following the completion of the transaction, the chief operating officer directly owned 1,089,260 shares in the company, valued at approximately $5,664,152. This represents a 3.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James E. Newsome sold 32,468 shares of the company’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $6.16, for a total transaction of $200,002.88. Following the transaction, the director owned 194,313 shares of the company’s stock, valued at $1,196,968.08. This trade represents a 14.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, Director Cary M. Grossman sold 75,000 shares of the company’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $5.89, for a total transaction of $441,750.00. Following the completion of the transaction, the director directly owned 225,530 shares in the company, valued at approximately $1,328,371.70. This represents a 24.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $5.50 price target on shares of Cipher Mining in a report on Wednesday, May 7th. Canaccord Genuity Group upped their price target on shares of Cipher Mining from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Tuesday. HC Wainwright reiterated a “buy” rating on shares of Cipher Mining in a report on Tuesday, May 6th. Macquarie upped their price target on shares of Cipher Mining from $6.00 to $8.00 and gave the stock an “outperform” rating in a report on Friday, August 8th. Finally, Cantor Fitzgerald upped their price target on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an “overweight” rating in a report on Thursday, June 5th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Cipher Mining has an average rating of “Moderate Buy” and an average price target of $7.67.

Cipher Mining Stock Up 3.3%

The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of -13.84 and a beta of 2.73. The stock has a fifty day moving average of $5.27 and a two-hundred day moving average of $4.16. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.12). The business had revenue of $43.57 million during the quarter, compared to the consensus estimate of $51.89 million. Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%. Sell-side analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Institutional Trading of Cipher Mining

A number of institutional investors have recently bought and sold shares of CIFR. Impact Partnership Wealth LLC acquired a new position in shares of Cipher Mining in the 1st quarter valued at about $109,000. Maridea Wealth Management LLC increased its holdings in Cipher Mining by 169.5% in the first quarter. Maridea Wealth Management LLC now owns 551,522 shares of the company’s stock worth $1,269,000 after purchasing an additional 346,911 shares in the last quarter. Vontobel Holding Ltd. lifted its stake in Cipher Mining by 76.8% in the first quarter. Vontobel Holding Ltd. now owns 147,872 shares of the company’s stock valued at $340,000 after buying an additional 64,240 shares during the period. Private Advisor Group LLC lifted its stake in Cipher Mining by 249.3% in the first quarter. Private Advisor Group LLC now owns 701,804 shares of the company’s stock valued at $1,614,000 after buying an additional 500,864 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Cipher Mining by 71.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 370,594 shares of the company’s stock worth $1,720,000 after buying an additional 153,921 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

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.