Cipher Mining (NASDAQ:CIFR) Shares Gap Down Following Insider Selling

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading on Tuesday after an insider sold shares in the company. The stock had previously closed at $7.43, but opened at $6.84. Cipher Mining shares last traded at $7.18, with a volume of 2,747,073 shares changing hands.

Specifically, COO Patrick Arthur Kelly sold 53,161 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the sale, the insider now owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

Several analysts have recently issued reports on CIFR shares. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Macquarie increased their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Needham & Company LLC reissued a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Northland Securities assumed coverage on shares of Cipher Mining in a research report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price objective on the stock. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Seven research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Cipher Mining has an average rating of “Buy” and a consensus price target of $7.54.

Cipher Mining Price Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The firm has a market capitalization of $2.30 billion, a P/E ratio of -51.38 and a beta of 2.18. The stock’s 50 day simple moving average is $4.39 and its 200 day simple moving average is $4.39.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The business had revenue of $24.10 million for the quarter, compared to the consensus estimate of $25.84 million. During the same quarter in the prior year, the business posted ($0.07) earnings per share. As a group, analysts expect that Cipher Mining Inc. will post -0.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently modified their holdings of CIFR. Amalgamated Bank boosted its stake in shares of Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC purchased a new stake in Cipher Mining during the third quarter valued at approximately $33,000. Xponance Inc. purchased a new stake in Cipher Mining during the second quarter valued at approximately $45,000. W Advisors LLC purchased a new stake in Cipher Mining during the third quarter valued at approximately $45,000. Finally, Prospect Financial Services LLC purchased a new stake in Cipher Mining during the third quarter valued at approximately $47,000. 12.26% of the stock is currently owned by institutional investors.

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.