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

Shares of Cipher Mining Inc. (NASDAQ:CIFR) dropped 4% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $4.52 and last traded at $4.53. Approximately 2,750,202 shares changed hands during mid-day trading, a decline of 69% from the average daily 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 dated Friday, June 28th. The shares were sold at an average price of $4.12, for a total transaction of $2,019,933.00. Following the completion of the transaction, the insider now owns 110,520,831 shares in the company, valued at $455,345,823.72. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders sold 4,692,735 shares of company stock worth $20,486,934. Company insiders own 2.25% of the company’s stock.

Analyst Upgrades and Downgrades

CIFR has been the subject of a number of analyst reports. Canaccord Genuity Group restated a “buy” rating and set a $6.00 price target (up previously from $5.50) on shares of Cipher Mining in a research note on Wednesday, May 8th. Needham & Company LLC reiterated a “buy” rating and issued a $5.00 target price on shares of Cipher Mining in a research note on Friday, June 7th. HC Wainwright lifted 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. Finally, Cantor Fitzgerald assumed coverage on shares of Cipher Mining in a research note on Tuesday, June 11th. They issued an “overweight” rating and a $9.00 target price for the company. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Cipher Mining has an average rating of “Moderate Buy” and an average price target of $6.25.

Cipher Mining Trading Down 3.0 %

The company has a quick ratio of 8.08, a current ratio of 8.08 and a debt-to-equity ratio of 0.02. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 76.35 and a beta of 2.29. The business’s fifty day moving average is $4.19 and its two-hundred day moving average is $3.86.

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

Institutional Trading of Cipher Mining

Institutional investors have recently bought and sold shares of the business. Janney Montgomery Scott LLC acquired a new stake in Cipher Mining during the 1st quarter worth $52,000. Sloy Dahl & Holst LLC bought a new position in shares of Cipher Mining during the fourth quarter worth $44,000. Price T Rowe Associates Inc. MD bought a new position in shares of Cipher Mining during the first quarter worth $59,000. Wolverine Asset Management LLC bought a new position in shares of Cipher Mining during the fourth quarter worth $49,000. Finally, Bellecapital International Ltd. bought a new position in shares of Cipher Mining during the fourth quarter worth $51,000. 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.