Insider Selling: Cipher Mining Inc. (NASDAQ:CIFR) Major Shareholder Sells 600,000 Shares of Stock

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) major shareholder Top Holdco B.V. Bitfury sold 600,000 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $6.27, for a total value of $3,762,000.00. Following the completion of the sale, the insider owned 94,767,437 shares of the company's stock, valued at approximately $594,191,829.99. This trade represents a 0.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Top Holdco B.V. Bitfury also recently made the following trade(s):

• On Tuesday, July 15th, Top Holdco B.V. Bitfury sold 289,145 shares of Cipher Mining stock. The shares were sold at an average price of $6.06, for a total transaction of $1,752,218.70.
• On Tuesday, July 15th, Top Holdco B.V. Bitfury sold 289,145 shares of Cipher Mining stock. The shares were sold at an average price of $6.06, for a total transaction of $1,752,218.70.
• On Monday, July 14th, Top Holdco B.V. Bitfury sold 667,010 shares of Cipher Mining stock. The shares were sold at an average price of $6.11, for a total transaction of $4,075,431.10.
• On Friday, July 11th, Top Holdco B.V. Bitfury sold 432,990 shares of Cipher Mining stock. The shares were sold at an average price of $6.13, for a total transaction of $2,654,228.70.
• On Tuesday, July 8th, Top Holdco B.V. Bitfury sold 600,000 shares of Cipher Mining stock. The shares were sold at an average price of $6.08, for a total transaction of $3,648,000.00.
• On Tuesday, July 1st, Top Holdco B.V. Bitfury sold 500,000 shares of Cipher Mining stock. The shares were sold at an average price of $4.86, for a total transaction of $2,430,000.00.

Cipher Mining Trading Up 2.4%

CIFR traded up $0.15 during trading on Thursday, reaching $6.42. 31,579,458 shares of the stock traded hands, compared to its average volume of 15,602,177. The stock's 50-day moving average is $4.27 and its 200 day moving average is $4.08. Cipher Mining Inc. has a 12 month low of $1.86 and a 12 month high of $7.77. The stock has a market capitalization of $2.15 billion, a PE ratio of -17.83 and a beta of 2.72. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, meeting the consensus estimate of ($0.11). Cipher Mining had a negative net margin of 81.21% and a negative return on equity of 17.77%. The firm had revenue of $48.96 million for the quarter, compared to analyst estimates of $53.57 million. Equities analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently made changes to their positions in the stock. Voya Investment Management LLC raised its holdings in shares of Cipher Mining by 3.6% during the fourth quarter. Voya Investment Management LLC now owns 59,135 shares of the company's stock valued at $274,000 after purchasing an additional 2,036 shares during the period. Xponance Inc. raised its holdings in shares of Cipher Mining by 17.8% in the 4th quarter. Xponance Inc. now owns 14,151 shares of the company's stock worth $66,000 after acquiring an additional 2,140 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Cipher Mining by 17.4% in the 4th quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company's stock worth $67,000 after acquiring an additional 2,149 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of Cipher Mining by 26.6% in the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company's stock worth $61,000 after acquiring an additional 2,754 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Cipher Mining by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 27,990 shares of the company's stock worth $64,000 after acquiring an additional 2,940 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company's stock.

Analyst Upgrades and Downgrades

CIFR has been the topic of a number of research reports. Rosenblatt Securities reaffirmed a "buy" rating and set a $5.50 target price on shares of Cipher Mining in a research note on Wednesday, May 7th. Cantor Fitzgerald boosted their target price on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research note on Thursday, June 5th. HC Wainwright reaffirmed a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $8.00 target price on shares of Cipher Mining in a research note on Thursday, May 8th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average 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.