Cipher Mining (NASDAQ:CIFR) Trading Down 4.5% After Insider Selling

Shares of Cipher Mining Inc. (NASDAQ:CIFR) were down 4.5% during trading on Friday following insider selling activity. The stock traded as low as $11.07 and last traded at $11.13. Approximately 26,511,595 shares were traded during trading, an increase of 9% from the average daily volume of 24,249,426 shares. The stock had previously closed at $11.66.

Specifically, major shareholder Holding Ltd V3 sold 3,504,540 shares of the business’s stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $12.36, for a total transaction of $43,316,114.40. Following the transaction, the insider directly owned 71,437,719 shares of the company’s stock, valued at approximately $882,970,206.84. The trade was a 4.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Holding Ltd V3 sold 900,000 shares of Cipher Mining stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $14.41, for a total value of $12,969,000.00. Following the sale, the insider owned 74,942,259 shares in the company, valued at $1,079,917,952.19. This represents a 1.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, major shareholder Holding Ltd V3 sold 900,000 shares of the company’s stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $12.85, for a total transaction of $11,565,000.00. Following the transaction, the insider directly owned 75,842,259 shares of the company’s stock, valued at $974,573,028.15. This represents a 1.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Jones Trading started coverage on Cipher Mining in a research report on Monday, July 21st. They set a “hold” rating for the company. Cantor Fitzgerald upped their price objective on Cipher Mining from $4.00 to $6.00 and gave the stock an “overweight” rating in a research note on Thursday, June 5th. Arete Research assumed coverage on Cipher Mining in a research note on Wednesday. They set a “buy” rating and a $24.00 price target for the company. Compass Point assumed coverage on Cipher Mining in a report on Monday, September 15th. They issued a “buy” rating on the stock. Finally, Arete began coverage on Cipher Mining in a report on Wednesday. They issued a “buy” rating and a $24.00 price target on the stock. Twelve investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Cipher Mining presently has a consensus rating of “Moderate Buy” and an average price target of $11.36.

Cipher Mining Price Performance

The stock has a 50-day moving average price of $7.75 and a two-hundred day moving average price of $5.01. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.23. The stock has a market cap of $4.51 billion, a price-to-earnings ratio of -26.67 and a beta of 2.76.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, hitting analysts’ consensus estimates of ($0.12). Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%.The company had revenue of $43.57 million during the quarter, compared to analysts’ expectations of $51.89 million. As a group, equities research analysts forecast that Cipher Mining Inc. will post -0.31 EPS for the current year.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently modified their holdings of the business. Helix Partners Management LP increased its stake in Cipher Mining by 95.8% during the 1st quarter. Helix Partners Management LP now owns 4,400,000 shares of the company’s stock worth $10,120,000 after buying an additional 2,153,058 shares in the last quarter. Impact Partnership Wealth LLC acquired a new position in shares of Cipher Mining during the 1st quarter worth approximately $109,000. SRN Advisors LLC boosted its holdings in shares of Cipher Mining by 42.1% during the 1st quarter. SRN Advisors LLC now owns 284,148 shares of the company’s stock worth $654,000 after purchasing an additional 84,148 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Cipher Mining by 5.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,319,563 shares of the company’s stock worth $7,635,000 after purchasing an additional 180,010 shares during the last quarter. Finally, Maridea Wealth Management LLC lifted 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 valued at $1,269,000 after acquiring an additional 346,911 shares during the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.