Cipher Mining (NASDAQ:CIFR) Shares Down 7% Following Insider Selling

Shares of Cipher Mining Inc. (NASDAQ:CIFR) fell 7% on Wednesday after an insider sold shares in the company. The stock traded as low as $16.86 and last traded at $16.6690. 23,867,758 shares traded hands during mid-day trading, a decline of 12% from the average session volume of 27,137,357 shares. The stock had previously closed at $17.92.

Specifically, COO Patrick Arthur Kelly sold 35,568 shares of the company’s stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $17.76, for a total transaction of $631,687.68. Following the completion of the sale, the chief operating officer owned 1,512,644 shares of the company’s stock, valued at approximately $26,864,557.44. This represents a 2.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Analysts Set New Price Targets

A number of brokerages have weighed in on CIFR. Canaccord Genuity Group reiterated a “buy” rating and issued a $27.00 target price on shares of Cipher Mining in a report on Monday, December 15th. Rosenblatt Securities upped their price target on Cipher Mining to $33.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Needham & Company LLC raised their price objective on shares of Cipher Mining from $15.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Citigroup began coverage on shares of Cipher Mining in a research note on Wednesday, November 19th. They issued an “outperform” rating on the stock. Finally, Macquarie boosted their price objective on shares of Cipher Mining from $16.00 to $27.00 and gave the stock an “outperform” rating in a report on Wednesday, October 22nd. Twelve investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $24.73.

Cipher Mining Price Performance

The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 1.31. The firm’s 50 day simple moving average is $16.86 and its 200 day simple moving average is $13.25. The company has a market capitalization of $6.55 billion, a PE ratio of -92.32 and a beta of 2.94.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Monday, November 3rd. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.07. The business had revenue of $106.69 million for the quarter, compared to analyst estimates of $79.13 million. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. As a group, research analysts anticipate that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently bought and sold shares of the business. Flagship Harbor Advisors LLC purchased a new position in shares of Cipher Mining in the 4th quarter valued at $55,000. Rathbones Group PLC bought a new stake in shares of Cipher Mining in the 4th quarter valued at about $159,000. Formidable Asset Management LLC acquired a new stake in Cipher Mining in the fourth quarter valued at approximately $659,000. Blue Trust Inc. acquired a new position in shares of Cipher Mining during the fourth quarter worth $82,000. Finally, Lodestone Wealth Management LLC purchased a new position in Cipher Mining during the 4th quarter worth $77,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

About Cipher Mining

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.