Cary M. Grossman Sells 75,000 Shares of Cipher Mining (NASDAQ:CIFR) Stock

Key Points

• Cary Grossman, a director at Cipher Mining, sold 75,000 shares of the company for $441,750, decreasing his ownership by nearly 25% to 225,530 shares.
• Cipher Mining reported a loss of ($0.12) EPS for the last quarter, matching analysts' expectations, but revenue fell short at $43.57 million compared to estimates of $51.89 million.
• Institutional investors own 12.26% of Cipher Mining, with notable recent investments from V3 Holding Ltd and Millennium Management LLC, reflecting significant interest from the investment community.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) Director Cary M. Grossman sold 75,000 shares of the firm's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $5.89, for a total transaction of $441,750.00. Following the transaction, the director directly owned 225,530 shares in the company, valued at approximately $1,328,371.70. The trade was a 24.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Cipher Mining Price Performance

CIFR stock traded up $0.48 during trading hours on Friday, hitting $6.38. 23,064,209 shares of the stock traded hands, compared to its average volume of 21,453,356. The stock has a 50-day simple moving average of $5.36 and a 200 day simple moving average of $4.14. Cipher Mining Inc. has a one year low of $1.86 and a one year high of $7.77. The company has a market cap of $2.51 billion, a P/E ratio of -14.84 and a beta of 2.73. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.23.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, meeting the consensus estimate of ($0.12). Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%.The business had revenue of $43.57 million during the quarter, compared to analysts' expectations of $51.89 million. Equities analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Impact Partnership Wealth LLC acquired a new position in Cipher Mining during the first quarter valued at $109,000. Maridea Wealth Management LLC raised its position in Cipher Mining by 169.5% during the first quarter. Maridea Wealth Management LLC now owns 551,522 shares of the company's stock valued at $1,269,000 after buying an additional 346,911 shares during the period. Vontobel Holding Ltd. raised its position in Cipher Mining by 76.8% during the first quarter. Vontobel Holding Ltd. now owns 147,872 shares of the company's stock valued at $340,000 after buying an additional 64,240 shares during the period. Private Advisor Group LLC grew its stake in Cipher Mining by 249.3% in the first quarter. Private Advisor Group LLC now owns 701,804 shares of the company's stock valued at $1,614,000 after purchasing an additional 500,864 shares in the last quarter. Finally, Senator Investment Group LP purchased a new position in Cipher Mining in the fourth quarter valued at about $1,040,000. 12.26% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CIFR has been the subject of several research reports. Cantor Fitzgerald raised their target price on Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research note on Thursday, June 5th. Jones Trading initiated coverage on Cipher Mining in a report on Monday, July 21st. They set a "hold" rating for the company. Macquarie upped their target price on Cipher Mining from $6.00 to $8.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Rosenblatt Securities reaffirmed a "buy" rating and set a $5.50 target price on shares of Cipher Mining in a report on Wednesday, May 7th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Cipher Mining in a report on Tuesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Cipher Mining currently has a consensus rating of "Moderate Buy" and a consensus price target of $7.67.

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.