Insider Selling: Cipher Mining Inc. (NASDAQ:CIFR) Major Shareholder Sells $5,209,046.88 in Stock

Cipher Mining Inc. (NASDAQ:CIFR) major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $2.74, for a total value of $5,209,046.88. Following the completion of the transaction, the insider now directly owns 103,946,004 shares of the company’s stock, valued at approximately $284,812,050.96. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Top Holdco B.V. Bitfury also recently made the following trade(s):

• On Monday, September 9th, Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock. The shares were sold at an average price of $2.87, for a total value of $5,456,191.44.
• On Wednesday, September 4th, Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock. The stock was sold at an average price of $3.02, for a total transaction of $5,741,358.24.
• On Thursday, July 18th, Top Holdco B.V. Bitfury sold 609,644 shares of Cipher Mining stock. The shares were sold at an average price of $6.23, for a total transaction of $3,798,082.12.
• On Friday, June 28th, Top Holdco B.V. Bitfury sold 490,275 shares of Cipher Mining stock. The stock was sold at an average price of $4.12, for a total transaction of $2,019,933.00.
• On Wednesday, June 26th, Top Holdco B.V. Bitfury sold 466,915 shares of Cipher Mining stock. The shares were sold at an average price of $4.30, for a total value of $2,007,734.50.
• On Monday, June 24th, Top Holdco B.V. Bitfury sold 443,830 shares of Cipher Mining stock. The shares were sold at an average price of $4.33, for a total value of $1,921,783.90.
• On Thursday, June 20th, Top Holdco B.V. Bitfury sold 394,357 shares of Cipher Mining stock. The stock was sold at an average price of $5.54, for a total value of $2,184,737.78.
• On Monday, June 17th, Top Holdco B.V. Bitfury sold 376,320 shares of Cipher Mining stock. The shares were sold at an average price of $4.82, for a total transaction of $1,813,862.40.
• On Friday, June 14th, Top Holdco B.V. Bitfury sold 366,042 shares of Cipher Mining stock. The stock was sold at an average price of $5.00, for a total transaction of $1,830,210.00.
• On Wednesday, June 12th, Top Holdco B.V. Bitfury sold 336,377 shares of Cipher Mining stock. The stock was sold at an average price of $4.58, for a total transaction of $1,540,606.66.

Cipher Mining Stock Down 0.3 %

CIFR stock opened at $3.09 on Friday. The stock’s 50 day simple moving average is $4.38 and its 200 day simple moving average is $4.20. The company has a market cap of $957.99 million, a P/E ratio of 51.50 and a beta of 2.25. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49. Cipher Mining Inc. has a fifty-two week low of $2.15 and a fifty-two week high of $7.99.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). The company had revenue of $36.81 million for the quarter, compared to analyst estimates of $39.17 million. Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. During the same period in the prior year, the firm earned ($0.05) earnings per share. On average, research analysts expect that Cipher Mining Inc. will post -0.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Senator Investment Group LP acquired a new stake in shares of Cipher Mining in the 2nd quarter worth about $1,190,000. Algert Global LLC purchased a new stake in shares of Cipher Mining in the second quarter worth approximately $75,000. Scientech Research LLC lifted its holdings in shares of Cipher Mining by 122.9% in the second quarter. Scientech Research LLC now owns 203,510 shares of the company’s stock valued at $845,000 after purchasing an additional 112,202 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Cipher Mining by 246.2% during the second quarter. The Manufacturers Life Insurance Company now owns 67,126 shares of the company’s stock valued at $279,000 after buying an additional 47,738 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in Cipher Mining by 122.8% during the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after buying an additional 2,938,184 shares in the last quarter. 12.26% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CIFR has been the topic of several recent analyst reports. Needham & Company LLC boosted their target price on shares of Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a report on Wednesday, August 14th. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research note on Thursday, August 29th. HC Wainwright raised their target price on Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. Finally, Compass Point raised their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $7.42.

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.