Cipher Mining (NASDAQ:CIFR) Trading Down 4.8% Following Insider Selling

Cipher Mining Inc. (NASDAQ:CIFR) dropped 4.8% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $4.65 and last traded at $4.76. Approximately 597,401 shares traded hands during trading, a decline of 93% from the average daily volume of 8,253,784 shares. The stock had previously closed at $5.00.

Specifically, major shareholder Top Holdco B.V. Bitfury sold 376,320 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $4.82, for a total value of $1,813,862.40. Following the completion of the sale, the insider now directly owns 114,053,847 shares in the company, valued at approximately $549,739,542.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 2,897,358 shares of company stock worth $12,352,745 in the last three months. 2.25% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CIFR. Cantor Fitzgerald began coverage on Cipher Mining in a research report on Tuesday, June 11th. They set an “overweight” rating and a $9.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and set a $5.00 price target on shares of Cipher Mining in a research report on Friday, June 7th. HC Wainwright boosted their price target on Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $6.00 price objective (up previously from $5.50) on shares of Cipher Mining in a report on Wednesday, May 8th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $6.25.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 8.08 and a quick ratio of 8.08. The firm has a market cap of $1.55 billion, a price-to-earnings ratio of 83.51 and a beta of 2.28. The company has a fifty day moving average price of $4.08 and a two-hundred day moving average price of $3.73.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.13 earnings per share for the quarter. The business had revenue of $48.14 million during the quarter, compared to analyst estimates of $50.05 million. Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently modified their holdings of CIFR. New York State Common Retirement Fund raised its position in shares of Cipher Mining by 104.9% during the third quarter. New York State Common Retirement Fund now owns 10,921 shares of the company’s stock worth $25,000 after purchasing an additional 5,592 shares during the period. Barclays PLC raised its position in shares of Cipher Mining by 93.4% during the third quarter. Barclays PLC now owns 15,982 shares of the company’s stock worth $37,000 after purchasing an additional 7,720 shares during the period. Sloy Dahl & Holst LLC acquired a new stake in shares of Cipher Mining during the fourth quarter worth $44,000. Wolverine Asset Management LLC acquired a new stake in shares of Cipher Mining during the fourth quarter worth $49,000. Finally, Bellecapital International Ltd. acquired a new stake in shares of Cipher Mining during the fourth quarter worth $51,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.