Cipher Mining (NASDAQ:CIFR) Stock Price Down 7.3% on Insider Selling

Cipher Mining Inc. (NASDAQ:CIFR)’s stock price dropped 7.3% during mid-day trading on Monday following insider selling activity. The company traded as low as $20.69 and last traded at $20.5020. 6,666,505 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 26,979,107 shares. The stock had previously closed at $22.11.

Specifically, CEO Tyler Page sold 112,500 shares of the stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the sale, the chief executive officer directly owned 9,084,225 shares in the company, valued at approximately $192,494,727.75. This trade represents a 1.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Ratings Changes

A number of analysts have commented on CIFR shares. Rosenblatt Securities reissued a “buy” rating and issued a $30.00 target price on shares of Cipher Mining in a report on Thursday, June 25th. Morgan Stanley lowered their price target on Cipher Mining from $53.50 to $48.50 and set an “overweight” rating on the stock in a report on Thursday, June 4th. Needham & Company LLC increased their price objective on Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Jefferies Financial Group assumed coverage on Cipher Mining in a report on Thursday, May 14th. They issued a “buy” rating and a $32.00 price objective for the company. Finally, HC Wainwright boosted their target price on Cipher Mining from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. One 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $28.31.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13. The firm has a market cap of $8.42 billion, a P/E ratio of -8.84 and a beta of 3.18. The business’s 50-day simple moving average is $23.17 and its 200 day simple moving average is $18.55.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). The firm had revenue of $34.84 million for 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%. Cipher Mining’s revenue for the quarter was down 28.8% on a year-over-year basis. As a group, equities analysts predict that Cipher Mining Inc. will post -0.8 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. CoreCap Advisors LLC grew its position in Cipher Mining by 41.7% during the second quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock valued at $42,000 after buying an additional 500 shares during the period. Los Angeles Capital Management LLC bought a new stake in shares of Cipher Mining during the 4th quarter valued at $25,000. Arax Advisory Partners increased its stake in shares of Cipher Mining by 274.2% in the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock worth $27,000 after purchasing an additional 1,338 shares in the last quarter. GAMMA Investing LLC raised its holdings in Cipher Mining by 218.3% in the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after purchasing an additional 1,286 shares during the period. Finally, Meeder Asset Management Inc. purchased a new position in Cipher Mining during the fourth quarter valued at $28,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.