Cipher Mining (NASDAQ:CIFR) Trading Down 4.7% Following Insider Selling

Shares of Cipher Mining Inc. (NASDAQ:CIFR) fell 4.7% during mid-day trading on Friday following insider selling activity. The company traded as low as $19.49 and last traded at $20.69. 43,123,464 shares changed hands during trading, an increase of 49% from the average session volume of 28,868,643 shares. The stock had previously closed at $21.71.

Specifically, insider William Iwaschuk sold 173,094 shares of the 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 sale, the insider directly owned 1,054,488 shares in the company, valued at approximately $23,747,069.76. This trade represents a 14.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Macquarie raised their target price on shares of Cipher Mining from $16.00 to $27.00 and gave the company an “outperform” rating in a report on Wednesday, October 22nd. BTIG Research reissued a “buy” rating and set a $25.00 target price on shares of Cipher Mining in a research report on Wednesday. HC Wainwright boosted their price objective on shares of Cipher Mining to $30.00 and gave the stock a “buy” rating in a research report on Monday. Arete Research began coverage on shares of Cipher Mining in a research report on Wednesday, September 24th. They issued a “buy” rating and a $24.00 target price on the stock. Finally, Rosenblatt Securities raised their price objective on Cipher Mining to $33.00 and gave the stock a “buy” rating in a report on Tuesday. Twelve investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $23.77.

Cipher Mining Trading Down 4.7%

The stock has a market capitalization of $8.17 billion, a PE ratio of -114.94 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. The business’s 50-day moving average is $15.00 and its two-hundred day moving average is $8.19.

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

Institutional Trading of Cipher Mining

Institutional investors and hedge funds have recently modified their holdings of the business. Helix Partners Management LP grew its holdings in Cipher Mining by 95.8% during the 1st quarter. Helix Partners Management LP now owns 4,400,000 shares of the company’s stock valued at $10,120,000 after buying an additional 2,153,058 shares during the last quarter. Greenleaf Trust acquired a new position in shares of Cipher Mining in the second quarter worth $108,000. Impact Partnership Wealth LLC purchased a new stake in shares of Cipher Mining in the first quarter valued at $109,000. SRN Advisors LLC boosted its stake in shares of Cipher Mining by 42.1% during the first quarter. SRN Advisors LLC now owns 284,148 shares of the company’s stock valued at $654,000 after acquiring an additional 84,148 shares during the last quarter. Finally, Anthracite Investment Company Inc. acquired a new stake in shares of Cipher Mining during the second quarter valued at $163,000. Hedge funds and other 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.