Cipher Mining Inc. (NASDAQ:CIFR) COO Patrick Arthur Kelly Sells 89,742 Shares

Cipher Mining Inc. (NASDAQ:CIFR) COO Patrick Arthur Kelly sold 89,742 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the sale, the chief operating officer now owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Cipher Mining Stock Down 3.8 %

Shares of CIFR traded down $0.19 during mid-day trading on Thursday, reaching $4.82. The company had a trading volume of 8,569,870 shares, compared to its average volume of 9,028,930. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49. The firm has a 50-day moving average price of $3.64 and a 200 day moving average price of $4.17. Cipher Mining Inc. has a 52 week low of $2.15 and a 52 week high of $7.99. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of 81.67 and a beta of 2.25.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The firm had revenue of $36.81 million for the quarter, compared to analysts’ expectations of $39.17 million. During the same period in the previous year, the firm posted ($0.05) EPS. On average, sell-side analysts forecast that Cipher Mining Inc. will post -0.04 EPS for the current year.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank raised its holdings in Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after acquiring an additional 4,557 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in Cipher Mining in the 1st quarter worth approximately $52,000. Xponance Inc. purchased a new position in Cipher Mining in the 2nd quarter worth approximately $45,000. Price T Rowe Associates Inc. MD purchased a new position in Cipher Mining in the 1st quarter worth approximately $59,000. Finally, Prospect Financial Services LLC purchased a new position in Cipher Mining in the 3rd quarter worth approximately $47,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Needham & Company LLC lifted their price target on Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 price objective on shares of Cipher Mining in a report on Thursday, October 3rd. Northland Securities assumed coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 target price on the stock. Finally, Compass Point upped their target price on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Seven investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $7.21.

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.