Cipher Mining (NASDAQ:CIFR) Insider Sells $3,898,076.88 in Stock

Cipher Mining Inc. (NASDAQ:CIFR) insider William Iwaschuk sold 173,094 shares of Cipher Mining stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $22.52, for a total value of $3,898,076.88. Following the completion of the sale, the insider directly owned 1,054,488 shares of the company’s stock, valued at approximately $23,747,069.76. The trade was a 14.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Cipher Mining Stock Performance

Shares of NASDAQ:CIFR traded down $3.00 during midday trading on Thursday, reaching $21.71. 51,193,758 shares of the company’s stock traded hands, compared to its average volume of 28,790,814. Cipher Mining Inc. has a one year low of $1.86 and a one year high of $25.52. The stock has a 50 day moving average of $14.71 and a 200 day moving average of $8.10. The company has a market cap of $8.58 billion, a price-to-earnings ratio of -120.61 and a beta of 2.91. The company has a debt-to-equity ratio of 1.31, a quick ratio of 4.18 and a current ratio of 2.49.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.07. The business had revenue of $71.71 million during the quarter, compared to analyst estimates of $79.13 million. Cipher Mining had a negative return on equity of 9.57% and a negative net margin of 34.16%. As a group, equities research analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CIFR. Sherman Asset Management Inc. purchased a new stake in Cipher Mining in the 3rd quarter worth approximately $25,000. Hollencrest Capital Management purchased a new position in shares of Cipher Mining during the 3rd quarter valued at $31,000. Peterson Wealth Services purchased a new stake in Cipher Mining in the 3rd quarter worth $41,000. Strs Ohio purchased a new position in shares of Cipher Mining in the third quarter valued at about $76,000. Finally, Ameritas Advisory Services LLC grew its position in shares of Cipher Mining by 42,110.5% during the third quarter. Ameritas Advisory Services LLC now owns 8,020 shares of the company’s stock worth $101,000 after purchasing an additional 8,001 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CIFR shares. JPMorgan Chase & Co. raised their target price on shares of Cipher Mining from $6.00 to $12.00 and gave the stock a “neutral” rating in a report on Friday, September 26th. Canaccord Genuity Group restated a “buy” rating and issued a $27.00 price target (up from $16.00) on shares of Cipher Mining in a research note on Tuesday. Jones Trading initiated coverage on Cipher Mining in a research report on Monday, July 21st. They set a “hold” rating for the company. Needham & Company LLC increased their target price on Cipher Mining from $15.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Arete began coverage on Cipher Mining in a research note on Wednesday, September 24th. They set a “buy” rating and a $24.00 price target for the company. Twelve research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Cipher Mining presently has a consensus rating of “Moderate Buy” and an average price target of $23.77.

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.