Insider Selling: Cipher Mining (NASDAQ:CIFR) Director Sells $70,048.32 in Stock

Cipher Mining Inc. (NASDAQ:CIFR) Director James Newsome sold 3,342 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $20.96, for a total value of $70,048.32. Following the completion of the sale, the director directly owned 132,288 shares of the company’s stock, valued at approximately $2,772,756.48. This trade represents a 2.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Cipher Mining Stock Performance

NASDAQ:CIFR traded up $2.78 during mid-day trading on Thursday, reaching $29.13. 39,324,184 shares of the stock were exchanged, compared to its average volume of 27,461,486. The stock has a market capitalization of $11.92 billion, a P/E ratio of -12.50 and a beta of 3.18. Cipher Mining Inc. has a 1 year low of $3.29 and a 1 year high of $30.01. The company has a 50 day simple moving average of $20.89 and a 200-day simple moving average of $17.75. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The firm had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. The company’s quarterly revenue was down 28.8% compared to the same quarter last year. Analysts anticipate that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CIFR has been the topic of a number of recent research reports. BTIG Research restated a “buy” rating and issued a $25.00 price objective on shares of Cipher Mining in a research note on Wednesday, May 6th. Wall Street Zen downgraded shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Sunday, March 1st. Keefe, Bruyette & Woods raised their price target on Cipher Mining from $23.00 to $27.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Cantor Fitzgerald dropped their price target on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cipher Mining in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.69.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently bought and sold shares of CIFR. Vanguard Group Inc. lifted its stake in shares of Cipher Mining by 13.4% in the 3rd quarter. Vanguard Group Inc. now owns 22,814,653 shares of the company’s stock worth $287,236,000 after acquiring an additional 2,699,717 shares during the period. American Century Companies Inc. increased its stake in shares of Cipher Mining by 138.2% during the third quarter. American Century Companies Inc. now owns 1,406,864 shares of the company’s stock worth $17,712,000 after acquiring an additional 816,198 shares during the period. HighTower Advisors LLC raised its holdings in Cipher Mining by 16.6% during the fourth quarter. HighTower Advisors LLC now owns 671,775 shares of the company’s stock worth $9,915,000 after purchasing an additional 95,686 shares in the last quarter. Foundations Investment Advisors LLC purchased a new position in Cipher Mining during the fourth quarter worth about $667,000. Finally, Tyche Wealth Partners LLC lifted its position in Cipher Mining by 119.0% in the fourth quarter. Tyche Wealth Partners LLC now owns 115,000 shares of the company’s stock valued at $1,697,000 after purchasing an additional 62,500 shares during the period. 12.26% of the stock is owned by institutional investors and hedge funds.

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.