Insider Selling: Cipher Mining Inc. (NASDAQ:CIFR) Major Shareholder Sells 500,000 Shares of Stock

Key Points

• Holding Ltd V3, a major shareholder of Cipher Mining Inc., sold a total of 1.5 million shares over several transactions, with the most recent sale occurring on July 25th at an average price of $6.45, resulting in proceeds of $3,225,000.
• As a result of these transactions, Holding Ltd V3's ownership decreased by 0.54%, while maintaining 91,878,292 shares valued at approximately $592.6 million.
• Cipher Mining's stock price fell by 7.8% to $5.68, reflecting a negative performance amid broader market conditions, despite recent institutional investments in the company.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) major shareholder Holding Ltd V3 sold 500,000 shares of the firm's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $6.45, for a total value of $3,225,000.00. Following the completion of the transaction, the insider owned 91,878,292 shares of the company's stock, valued at approximately $592,614,983.40. This represents a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

Holding Ltd V3 also recently made the following trade(s):

• On Wednesday, July 30th, Holding Ltd V3 sold 369,984 shares of Cipher Mining stock. The stock was sold at an average price of $5.61, for a total value of $2,075,610.24.
• On Tuesday, July 29th, Holding Ltd V3 sold 66,049 shares of Cipher Mining stock. The shares were sold at an average price of $6.06, for a total value of $400,256.94.
• On Monday, July 28th, Holding Ltd V3 sold 500,000 shares of Cipher Mining stock. The shares were sold at an average price of $6.19, for a total transaction of $3,095,000.00.
• On Wednesday, July 23rd, Holding Ltd V3 sold 500,000 shares of Cipher Mining stock. The shares were sold at an average price of $6.55, for a total transaction of $3,275,000.00.

Cipher Mining Stock Down 9.7%

NASDAQ:CIFR traded down $0.53 during trading hours on Friday, reaching $4.93. The company had a trading volume of 18,939,017 shares, compared to its average volume of 33,632,744. Cipher Mining Inc. has a twelve month low of $1.86 and a twelve month high of $7.77. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.01. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of -13.69 and a beta of 2.72. The business's 50-day simple moving average is $4.85 and its two-hundred day simple moving average is $4.16.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). Cipher Mining had a negative return on equity of 17.77% and a negative net margin of 81.21%. The company had revenue of $48.96 million during the quarter, compared to the consensus estimate of $53.57 million. On average, equities analysts expect that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors have recently modified their holdings of the company. V3 Holding Ltd bought a new position in Cipher Mining during the 4th quarter valued at $452,713,000. Vanguard Group Inc. raised its holdings in shares of Cipher Mining by 7.0% in the fourth quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company's stock valued at $84,318,000 after purchasing an additional 1,189,756 shares during the last quarter. Invesco Ltd. lifted its position in shares of Cipher Mining by 16.7% during the fourth quarter. Invesco Ltd. now owns 6,443,723 shares of the company's stock valued at $29,899,000 after purchasing an additional 924,262 shares in the last quarter. Geode Capital Management LLC increased its stake in Cipher Mining by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 5,727,990 shares of the company's stock valued at $26,583,000 after buying an additional 218,137 shares during the last quarter. Finally, Vident Advisory LLC lifted its position in shares of Cipher Mining by 11.9% during the 1st quarter. Vident Advisory LLC now owns 4,753,772 shares of the company's stock worth $10,934,000 after buying an additional 503,694 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Rosenblatt Securities reissued a "buy" rating and set a $5.50 target price on shares of Cipher Mining in a report on Wednesday, May 7th. Jones Trading started coverage on Cipher Mining in a research note on Monday, July 21st. They issued a "hold" rating on the stock. Cantor Fitzgerald upped their price objective on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research report on Thursday, June 5th. HC Wainwright reissued a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. Finally, Canaccord Genuity Group restated a "buy" rating and issued a $8.00 price objective on shares of Cipher Mining in a report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $7.63.

About Cipher Mining

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.