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

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped down before the market opened on Tuesday after an insider sold shares in the company. The stock had previously closed at $7.43, but opened at $6.84. Cipher Mining shares last traded at $7.18, with a volume of 2,747,073 shares trading hands.

Specifically, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the sale, the chief operating officer now directly owns 664,270 shares in the company, valued at $4,756,173.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the transaction, the insider now owns 98,747,588 shares in the company, valued at $651,734,080.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CIFR. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Compass Point raised their price target on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 price objective on shares of Cipher Mining in a research note on Thursday, October 3rd. Needham & Company LLC reissued a “buy” rating and set a $7.50 target price on shares of Cipher Mining in a report on Friday, November 1st. Finally, Northland Securities started coverage on Cipher Mining in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price target on the stock. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $7.54.

Cipher Mining Stock Performance

The stock has a market cap of $2.56 billion, a price-to-earnings ratio of -57.15 and a beta of 2.18. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The firm has a fifty day moving average of $4.30 and a 200 day moving average of $4.37.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The company had revenue of $24.10 million for the quarter, compared to analysts’ expectations of $25.84 million. During the same quarter in the prior year, the firm earned ($0.07) EPS. As a group, sell-side analysts forecast that Cipher Mining Inc. will post -0.18 EPS for the current year.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently bought and sold shares of CIFR. Amalgamated Bank lifted its holdings in Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after acquiring an additional 4,557 shares during the last quarter. Farther Finance Advisors LLC acquired a new position in shares of Cipher Mining in the 3rd quarter valued at $33,000. Xponance Inc. purchased a new position in shares of Cipher Mining during the 2nd quarter worth $45,000. W Advisors LLC acquired a new stake in shares of Cipher Mining during the 3rd quarter worth about $45,000. Finally, Prospect Financial Services LLC purchased a new stake in Cipher Mining in the 3rd quarter valued at about $47,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Company Profile

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.