Cipher Mining (NASDAQ:CIFR) Shares Gap Down After 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, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the completion of the sale, the insider now directly 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

CIFR has been the subject of a number of recent analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.50 target price on shares of Cipher Mining in a research report on Friday, November 1st. Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Northland Securities began coverage on shares of Cipher Mining in a research report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 price objective on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Seven analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $7.54.

Cipher Mining Stock Performance

The stock has a market capitalization of $2.63 billion, a PE ratio of -57.15 and a beta of 2.18. The business’s fifty day moving average is $4.30 and its two-hundred day moving average is $4.37. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. As a group, research analysts anticipate that Cipher Mining Inc. will post -0.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

A number of large investors have recently modified their holdings of the business. Millennium Management LLC boosted its position in Cipher Mining by 122.8% in the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after buying an additional 2,938,184 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Cipher Mining by 62.0% in the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after purchasing an additional 2,164,383 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Cipher Mining by 41.5% in the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after purchasing an additional 1,144,390 shares in the last quarter. Vident Advisory LLC lifted its holdings in Cipher Mining by 94.9% in the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after purchasing an additional 1,090,811 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Cipher Mining by 71.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,356,044 shares of the company’s stock worth $9,118,000 after acquiring an additional 977,963 shares during the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.