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

Cipher Mining Inc. (NASDAQ:CIFR)’s share price gapped down prior to trading on Wednesday after an insider sold shares in the company. The stock had previously closed at $5.39, but opened at $5.07. Cipher Mining shares last traded at $5.13, with a volume of 569,959 shares trading hands.

Specifically, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of Cipher Mining stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the sale, the insider now owns 99,047,588 shares in the company, valued at $616,075,997.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Analyst Ratings Changes

CIFR has been the subject of several analyst reports. Compass Point lifted their price target 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. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a research report on Thursday, October 3rd. Macquarie began coverage on shares of Cipher Mining in a research report on Tuesday, September 24th. They set an “outperform” rating and a $6.00 price target for the company. Needham & Company LLC lifted their price objective on shares of Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Finally, Stifel Canada raised shares of Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. 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 has an average rating of “Buy” and an average price target of $7.21.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49. The stock’s 50 day simple moving average is $3.89 and its two-hundred day simple moving average is $4.24. The stock has a market cap of $1.77 billion, a P/E ratio of 88.00 and a beta of 2.25.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). The business had revenue of $36.81 million for the quarter, compared to analyst estimates of $39.17 million. Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. As a group, research analysts forecast that Cipher Mining Inc. will post -0.05 EPS for the current year.

Institutional Trading of Cipher Mining

Institutional investors have recently made changes to their positions in the business. Amalgamated Bank lifted its position in shares of Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after purchasing an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC acquired a new position in Cipher Mining during the third quarter worth $33,000. Janney Montgomery Scott LLC acquired a new position in Cipher Mining during the first quarter worth $52,000. Xponance Inc. acquired a new position in Cipher Mining during the second quarter worth $45,000. Finally, Price T Rowe Associates Inc. MD acquired a new position in Cipher Mining during the first quarter worth $59,000. 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.