Cipher Mining (NASDAQ:CIFR) Trading Down 6.7% on Insider Selling

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price dropped 6.7% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $7.56 and last traded at $7.57. Approximately 10,174,167 shares were traded during trading, a decline of 53% from the average daily volume of 21,860,732 shares. The stock had previously closed at $8.11.

Specifically, major shareholder Holding Ltd V3 sold 600,000 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $8.13, for a total value of $4,878,000.00. Following the sale, the insider directly owned 87,942,259 shares of the company’s stock, valued at $714,970,565.67. This trade represents a 0.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Wall Street Analysts Forecast Growth

CIFR has been the topic of several research analyst reports. Macquarie raised their price objective on Cipher Mining from $6.00 to $8.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. 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. Jones Trading initiated coverage on Cipher Mining in a research note on Monday, July 21st. They set a “hold” rating on the stock. Finally, Canaccord Genuity Group lifted their price target on Cipher Mining from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Cipher Mining has a consensus rating of “Moderate Buy” and a consensus price target of $7.67.

Cipher Mining Stock Up 1.6%

The stock has a 50 day moving average price of $6.08 and a 200 day moving average price of $4.27. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of -17.49 and a beta of 2.76. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, meeting 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 firm had revenue of $43.57 million for the quarter, compared to analyst estimates of $51.89 million. As a group, analysts forecast that Cipher Mining Inc. will post -0.31 EPS for the current year.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently made changes to their positions in the stock. Steward Partners Investment Advisory LLC raised its position in shares of Cipher Mining by 258.1% during the second quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company’s stock worth $43,000 after acquiring an additional 6,516 shares during the last quarter. Signal Advisors Wealth LLC bought a new position in shares of Cipher Mining during the second quarter worth about $48,000. Custos Family Office LLC bought a new position in shares of Cipher Mining during the second quarter worth about $48,000. Maripau Wealth Management LLC bought a new position in shares of Cipher Mining during the second quarter worth about $48,000. Finally, Rafferty Asset Management LLC bought a new position in shares of Cipher Mining during the fourth quarter worth about $49,000. 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.