Cipher Mining (NASDAQ:CIFR) Shares Down 12.1% After Insider Selling

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price was down 12.1% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $21.38 and last traded at $21.71. Approximately 50,948,242 shares traded hands during trading, an increase of 77% from the average daily volume of 28,787,516 shares. The stock had previously closed at $24.71.

Specifically, insider William Iwaschuk sold 173,094 shares of the stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $22.52, for a total value of $3,898,076.88. Following the sale, the insider owned 1,054,488 shares in the company, valued at $23,747,069.76. This represents a 14.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Rosenblatt Securities lifted their price target on Cipher Mining to $33.00 and gave the company a “buy” rating in a research report on Tuesday. Compass Point assumed coverage on shares of Cipher Mining in a report on Monday, September 15th. They set a “buy” rating for the company. HC Wainwright boosted their target price on shares of Cipher Mining to $30.00 and gave the company a “buy” rating in a research note on Monday. Canaccord Genuity Group restated a “buy” rating and set a $27.00 price target (up previously from $16.00) on shares of Cipher Mining in a research report on Tuesday. Finally, Arete Research started coverage on shares of Cipher Mining in a report on Wednesday, September 24th. They issued a “buy” rating and a $24.00 price objective for the company. Twelve analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.77.

Cipher Mining Trading Down 4.7%

The company has a fifty day moving average of $15.26 and a 200-day moving average of $8.32. The company has a current ratio of 2.49, a quick ratio of 4.18 and a debt-to-equity ratio of 1.31. The company has a market capitalization of $8.17 billion, a price-to-earnings ratio of -114.94 and a beta of 2.91.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Monday, November 3rd. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.07. The business had revenue of $71.71 million during the quarter, compared to analysts’ expectations 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 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. Vanguard Group Inc. grew its holdings in shares of Cipher Mining by 13.4% during the third quarter. Vanguard Group Inc. now owns 22,814,653 shares of the company’s stock worth $287,236,000 after buying an additional 2,699,717 shares in the last quarter. Geode Capital Management LLC boosted its position in Cipher Mining by 18.1% during the second quarter. Geode Capital Management LLC now owns 7,242,210 shares of the company’s stock worth $34,621,000 after acquiring an additional 1,108,850 shares during the last quarter. Tidal Investments LLC grew its stake in Cipher Mining by 28.3% during the 2nd quarter. Tidal Investments LLC now owns 6,984,438 shares of the company’s stock valued at $33,386,000 after acquiring an additional 1,541,138 shares in the last quarter. Vident Advisory LLC lifted its stake in Cipher Mining by 11.9% in the 1st quarter. Vident Advisory LLC now owns 4,753,772 shares of the company’s stock worth $10,934,000 after purchasing an additional 503,694 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Cipher Mining by 52.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock worth $10,765,000 after purchasing an additional 1,610,073 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.