Cipher Mining (NASDAQ:CIFR) Trading Down 4.7% on Insider Selling

Cipher Mining Inc. (NASDAQ:CIFR)’s share price was down 4.7% during trading on Friday following insider selling activity. The stock traded as low as $19.49 and last traded at $20.69. Approximately 43,123,464 shares were traded during mid-day trading, an increase of 49% from the average daily volume of 28,868,643 shares. The stock had previously closed at $21.71.

Specifically, insider William Iwaschuk sold 173,094 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $22.52, for a total transaction of $3,898,076.88. Following the transaction, the insider owned 1,054,488 shares of the company’s stock, valued at approximately $23,747,069.76. This represents a 14.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Cipher Mining in a research report on Tuesday, October 14th. Canaccord Genuity Group restated a “buy” rating and issued a $27.00 price target (up previously from $16.00) on shares of Cipher Mining in a report on Tuesday. HC Wainwright raised their target price on shares of Cipher Mining to $30.00 and gave the stock a “buy” rating in a research report on Monday. Needham & Company LLC upped their price target on shares of Cipher Mining from $15.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Jones Trading started coverage on shares of Cipher Mining in a report on Monday, July 21st. They issued a “hold” rating on the stock. Twelve equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $23.77.

Cipher Mining Price Performance

The company has a market cap of $8.17 billion, a P/E ratio of -114.94 and a beta of 2.91. The company has a debt-to-equity ratio of 1.31, a current ratio of 2.49 and a quick ratio of 4.18. The company has a fifty day simple moving average of $15.00 and a 200-day simple moving average of $8.19.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.07. Cipher Mining had a negative return on equity of 9.57% and a negative net margin of 34.16%.The company had revenue of $71.71 million for the quarter, compared to analyst estimates of $79.13 million. On average, sell-side analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Institutional Investors Weigh In On Cipher Mining

Large investors have recently made changes to their positions in the company. Sherman Asset Management Inc. purchased a new position in Cipher Mining during the 3rd quarter worth approximately $25,000. Hollencrest Capital Management acquired a new stake in shares of Cipher Mining in the third quarter worth $31,000. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Cipher Mining by 10.0% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 29,247 shares of the company’s stock valued at $368,000 after buying an additional 2,659 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Cipher Mining by 7.9% during the second quarter. Teacher Retirement System of Texas now owns 38,281 shares of the company’s stock valued at $183,000 after buying an additional 2,812 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in Cipher Mining by 11.7% during the first quarter. Wellington Management Group LLP now owns 27,990 shares of the company’s stock valued at $64,000 after buying an additional 2,940 shares during the period. Institutional investors and hedge funds 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.