Insider Selling: Cipher Mining Inc. (NASDAQ:CIFR) Major Shareholder Sells 3,120 Shares of Stock

Cipher Mining Inc. (NASDAQ:CIFR) major shareholder Top Holdco B.V. Bitfury sold 3,120 shares of the stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $7.55, for a total value of $23,556.00. Following the transaction, the insider now owns 97,567,437 shares in the company, valued at $736,634,149.35. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Thursday, November 7th, Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00.
• On Monday, October 28th, Top Holdco B.V. Bitfury sold 1,000,000 shares of Cipher Mining stock. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00.

Cipher Mining Stock Performance

Shares of Cipher Mining stock opened at $5.73 on Friday. The company has a market cap of $1.99 billion, a PE ratio of -44.07 and a beta of 2.29. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. Cipher Mining Inc. has a 52 week low of $2.15 and a 52 week high of $7.99. The business has a 50 day moving average price of $6.09 and a 200-day moving average price of $4.88.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The company had revenue of $24.10 million during the quarter, compared to analysts’ expectations 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 period in the previous year, the company posted ($0.07) earnings per share. Equities analysts anticipate that Cipher Mining Inc. will post -0.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CIFR shares. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Macquarie boosted their target price on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd. Needham & Company LLC restated a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a report on Friday, November 1st. Finally, JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research report on Tuesday, December 10th. Nine research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Cipher Mining presently has a consensus rating of “Buy” and an average target price of $8.03.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Millennium Management LLC boosted its holdings in Cipher Mining by 122.8% during the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after purchasing an additional 2,938,184 shares during the last quarter. Tidal Investments LLC lifted its position in shares of Cipher Mining by 73.4% during the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after buying an additional 1,584,874 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Cipher Mining by 37.8% in the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after buying an additional 1,511,455 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Cipher Mining by 41.5% in the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after acquiring an additional 1,144,390 shares in the last quarter. Finally, Paloma Partners Management Co bought a new position in shares of Cipher Mining in the third quarter valued at approximately $4,029,000. 12.26% of the stock is 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.