Cipher Mining (NASDAQ:CIFR) Shares Down 4% on Insider Selling

Cipher Mining Inc. (NASDAQ:CIFR) fell 4% on Tuesday after an insider sold shares in the company. The stock traded as low as $4.52 and last traded at $4.53. 2,750,202 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 8,777,682 shares. The stock had previously closed at $4.72.

Specifically, major shareholder Top Holdco B.V. Bitfury sold 490,275 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $4.12, for a total value of $2,019,933.00. Following the completion of the sale, the insider now owns 110,520,831 shares of the company’s stock, valued at $455,345,823.72. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders sold 4,692,735 shares of company stock valued at $20,486,934. 2.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CIFR has been the subject of several research reports. Cantor Fitzgerald initiated coverage on Cipher Mining in a research note on Tuesday, June 11th. They set an “overweight” rating and a $9.00 price target for the company. HC Wainwright boosted their target price on shares of Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Needham & Company LLC reissued a “buy” rating and issued a $5.00 target price on shares of Cipher Mining in a research note on Friday, June 7th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $6.00 target price (up previously from $5.50) on shares of Cipher Mining in a research note on Wednesday, May 8th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Cipher Mining presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.25.

Cipher Mining Stock Down 4.0 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 8.08 and a current ratio of 8.08. The firm has a market cap of $1.40 billion, a PE ratio of 78.68 and a beta of 2.29. The stock has a fifty day moving average price of $4.20 and a 200-day moving average price of $3.85.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, May 7th. The company reported $0.13 earnings per share (EPS) for the quarter. Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%. The business had revenue of $48.14 million during the quarter, compared to analysts’ expectations of $50.05 million.

Institutional Trading of Cipher Mining

A number of institutional investors have recently modified their holdings of the company. California State Teachers Retirement System grew its holdings in shares of Cipher Mining by 19.4% during the 1st quarter. California State Teachers Retirement System now owns 61,546 shares of the company’s stock worth $317,000 after purchasing an additional 10,019 shares during the period. Price T Rowe Associates Inc. MD acquired a new position in Cipher Mining during the 1st quarter worth approximately $59,000. Gabelli Funds LLC lifted its position in Cipher Mining by 25.0% during the 1st quarter. Gabelli Funds LLC now owns 50,000 shares of the company’s stock worth $258,000 after acquiring an additional 10,000 shares in the last quarter. Vident Advisory LLC lifted its position in Cipher Mining by 94.9% during the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock worth $11,537,000 after acquiring an additional 1,090,811 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Cipher Mining by 62.0% during the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after acquiring an additional 2,164,383 shares in the last quarter. Hedge funds and other 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.