Cipher Mining (NASDAQ:CIFR) Director Cary Grossman Sells 75,000 Shares

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 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 value of $441,750.00. Following the completion of the sale, the director directly owned 225,530 shares in the company, valued at $1,328,371.70. This trade represents a 24.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Cipher Mining Stock Performance

Shares of CIFR stock traded down $0.29 during mid-day trading on Tuesday, reaching $5.76. 25,929,867 shares of the stock traded hands, compared to its average volume of 25,170,864. The stock's fifty day simple moving average is $5.23 and its two-hundred day simple moving average is $4.14. Cipher Mining Inc. has a 1-year low of $1.86 and a 1-year high of $7.77. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18.

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

Institutional Trading of Cipher Mining

Several hedge funds have recently made changes to their positions in CIFR. V3 Holding Ltd bought a new stake in shares of Cipher Mining in the fourth quarter valued at $452,713,000. Millennium Management LLC purchased a new position in Cipher Mining during the first quarter worth about $9,316,000. Alyeska Investment Group L.P. purchased a new position in Cipher Mining during the first quarter worth about $7,094,000. Lone Pine Capital LLC purchased a new position in Cipher Mining during the fourth quarter worth about $10,878,000. Finally, Helix Partners Management LP grew its position in Cipher Mining by 95.8% during the first quarter. Helix Partners Management LP now owns 4,400,000 shares of the company's stock worth $10,120,000 after buying an additional 2,153,058 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CIFR shares. Rosenblatt Securities restated a "buy" rating and set a $5.50 price objective on shares of Cipher Mining in a research report on Wednesday, May 7th. Cantor Fitzgerald raised their price objective on 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 restated a "buy" rating on shares of Cipher Mining in a research report on Tuesday, May 6th. Macquarie lifted their target price on Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Finally, Jones Trading initiated coverage on Cipher Mining in a report on Monday, July 21st. They issued a "hold" rating for the company. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $7.67.

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.

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