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

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price gapped down prior to trading on Tuesday following insider selling activity. The stock had previously closed at $7.43, but opened at $6.84. Cipher Mining shares last traded at $7.18, with a volume of 2,747,073 shares.

Specifically, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the transaction, the insider now directly owns 98,747,588 shares of the company’s stock, valued at $651,734,080.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CIFR shares. Needham & Company LLC reaffirmed a “buy” rating and set a $7.50 target price on shares of Cipher Mining in a research report on Friday, November 1st. Macquarie lifted their price objective on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Northland Securities initiated coverage on Cipher Mining in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price objective for the company. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 price objective on shares of Cipher Mining in a research report on Thursday, October 3rd. Seven investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Cipher Mining presently has an average rating of “Buy” and a consensus target price of $7.54.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The company has a 50 day moving average price of $4.30 and a 200 day moving average price of $4.37. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of -57.15 and a beta of 2.18.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The firm had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same quarter in the prior year, the business earned ($0.07) earnings per share. Equities research analysts predict that Cipher Mining Inc. will post -0.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its position in shares of Cipher Mining by 8.8% during the 3rd quarter. Victory Capital Management Inc. now owns 25,996 shares of the company’s stock worth $101,000 after buying an additional 2,101 shares in the last quarter. Vima LLC grew its holdings in Cipher Mining by 11.3% during the 3rd quarter. Vima LLC now owns 24,656 shares of the company’s stock valued at $95,000 after buying an additional 2,504 shares in the last quarter. Amalgamated Bank grew its stake in Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after acquiring an additional 4,557 shares in the last quarter. Strategic Blueprint LLC grew its stake in Cipher Mining by 33.3% during the third quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock valued at $77,000 after acquiring an additional 5,000 shares in the last quarter. Finally, Farther Finance Advisors LLC purchased a new position in Cipher Mining during the third quarter valued at approximately $33,000. Institutional investors and hedge funds 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.