Insider Selling: Cipher Mining (NASDAQ:CIFR) Director Sells $441,450.00 in Stock

Cipher Mining Inc. (NASDAQ:CIFR) Director Cary Grossman sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $29.43, for a total transaction of $441,450.00. Following the transaction, the director owned 143,829 shares of the company’s stock, valued at approximately $4,232,887.47. This represents a 9.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Cipher Mining Price Performance

Cipher Mining stock traded down $0.50 during mid-day trading on Tuesday, reaching $27.64. The company had a trading volume of 18,040,650 shares, compared to its average volume of 23,774,044. The business has a fifty day simple moving average of $21.92 and a 200 day simple moving average of $18.02. The company has a market cap of $11.31 billion, a P/E ratio of -11.86 and a beta of 3.18. Cipher Mining Inc. has a fifty-two week low of $3.63 and a fifty-two week high of $30.14. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 6.13.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). The firm had revenue of $34.84 million during the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The company’s revenue for the quarter was down 28.8% on a year-over-year basis. On average, equities research analysts predict that Cipher Mining Inc. will post -0.8 earnings per share for the current year.

Analysts Set New Price Targets

CIFR has been the subject of a number of research reports. HC Wainwright raised their price objective on shares of Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Keefe, Bruyette & Woods boosted their target price on shares of Cipher Mining from $23.00 to $27.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a research report on Friday, March 27th. Cantor Fitzgerald dropped their price target on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Finally, Wall Street Zen cut shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Sunday, March 1st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Cipher Mining presently has an average rating of “Moderate Buy” and a consensus target price of $27.69.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently made changes to their positions in CIFR. Abel Hall LLC grew its holdings in shares of Cipher Mining by 3.8% during the first quarter. Abel Hall LLC now owns 20,140 shares of the company’s stock valued at $259,000 after buying an additional 739 shares during the last quarter. Rathbones Group PLC raised its holdings in shares of Cipher Mining by 7.0% in the 1st quarter. Rathbones Group PLC now owns 11,495 shares of the company’s stock worth $148,000 after acquiring an additional 750 shares during the last quarter. CWM LLC lifted its position in Cipher Mining by 43.3% in the 4th quarter. CWM LLC now owns 2,661 shares of the company’s stock valued at $39,000 after acquiring an additional 804 shares in the last quarter. Prospera Financial Services Inc lifted its position in Cipher Mining by 6.7% in the 4th quarter. Prospera Financial Services Inc now owns 15,600 shares of the company’s stock valued at $230,000 after acquiring an additional 980 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Cipher Mining by 218.3% during the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after purchasing an additional 1,286 shares during the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

Cipher Mining Company Profile

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.