Insider Selling: Cipher Mining Inc. (NASDAQ:CIFR) Major Shareholder Sells 667,010 Shares of Stock

Cipher Mining Inc. (NASDAQ:CIFR) major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $6.11, for a total transaction of $4,075,431.10. Following the completion of the sale, the insider directly owned 93,667,437 shares in the company, valued at approximately $572,308,040.07. The trade was a 0.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Top Holdco B.V. Bitfury also recently made the following trade(s):

• On Tuesday, July 15th, Top Holdco B.V. Bitfury sold 289,145 shares of Cipher Mining stock. The shares were sold at an average price of $6.06, for a total transaction of $1,752,218.70.
• On Tuesday, July 15th, Top Holdco B.V. Bitfury sold 289,145 shares of Cipher Mining stock. The stock was sold at an average price of $6.06, for a total transaction of $1,752,218.70.
• On Friday, July 11th, Top Holdco B.V. Bitfury sold 432,990 shares of Cipher Mining stock. The shares were sold at an average price of $6.13, for a total value of $2,654,228.70.
• On Thursday, July 10th, Top Holdco B.V. Bitfury sold 600,000 shares of Cipher Mining stock. The stock was sold at an average price of $6.27, for a total value of $3,762,000.00.
• On Tuesday, July 8th, Top Holdco B.V. Bitfury sold 600,000 shares of Cipher Mining stock. The stock was sold at an average price of $6.08, for a total value of $3,648,000.00.
• On Tuesday, July 1st, Top Holdco B.V. Bitfury sold 500,000 shares of Cipher Mining stock. The shares were sold at an average price of $4.86, for a total value of $2,430,000.00.

Cipher Mining Price Performance

Cipher Mining stock opened at $6.36 on Friday. Cipher Mining Inc. has a 1 year low of $1.86 and a 1 year high of $7.77. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a 50 day moving average price of $4.34 and a 200 day moving average price of $4.09. The company has a market cap of $2.13 billion, a price-to-earnings ratio of -17.67 and a beta of 2.72.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. V3 Holding Ltd purchased a new stake in Cipher Mining during the fourth quarter worth approximately $452,713,000. Millennium Management LLC acquired a new position in shares of Cipher Mining during the 1st quarter valued at $9,316,000. Alyeska Investment Group L.P. purchased a new stake in Cipher Mining during the 1st quarter worth $7,094,000. Lone Pine Capital LLC acquired a new stake in Cipher Mining in the 4th quarter valued at $10,878,000. Finally, Helix Partners Management LP purchased a new position in Cipher Mining in the fourth quarter valued at about $10,426,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CIFR shares. Rosenblatt Securities reissued a “buy” rating and issued a $5.50 target price on shares of Cipher Mining in a research note on Wednesday, May 7th. Canaccord Genuity Group reissued a “buy” rating and issued a $8.00 price objective on shares of Cipher Mining in a research report on Thursday, May 8th. HC Wainwright restated a “buy” rating on shares of Cipher Mining in a research report on Tuesday, May 6th. Finally, Cantor Fitzgerald lifted their target price on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an “overweight” rating in a research note on Thursday, June 5th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Cipher Mining presently has a consensus rating of “Buy” and an average price target of $7.63.

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.