Cipher Mining (NASDAQ:CIFR) Director Sells $200,002.88 in Stock

Key Points

• Director James Newsome of Cipher Mining sold 32,468 shares for a total of $200,002.88, reducing his ownership by 14.32%.
• Cipher Mining's shares traded down 4.8% to $5.76, while the company reported a negative net margin of 96.95% and missed revenue estimates.
• Analysts have mixed ratings, with an average rating of "Moderate Buy" and a consensus price target of $7.67 for Cipher Mining.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) Director James E. Newsome sold 32,468 shares of Cipher Mining stock in a transaction on Monday, August 18th. The shares were sold at an average price of $6.16, for a total value of $200,002.88. Following the completion of the transaction, the director owned 194,313 shares in the company, valued at $1,196,968.08. The trade was a 14.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Cipher Mining Stock Up 8.1%

NASDAQ:CIFR traded up $0.48 during mid-day trading on Friday, hitting $6.38. The company had a trading volume of 23,064,209 shares, compared to its average volume of 21,453,356. The business has a fifty day simple moving average of $5.36 and a 200-day simple moving average of $4.14. 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 Inc. has a 1 year low of $1.86 and a 1 year high of $7.77. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of -14.84 and a beta of 2.73.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) EPS 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 company had revenue of $43.57 million for the quarter, compared to analyst estimates of $51.89 million. Equities analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Institutional Trading of Cipher Mining

Several large investors have recently modified their holdings of the business. Marex Group plc acquired a new stake in shares of Cipher Mining during the second quarter valued at about $333,000. Nomura Holdings Inc. acquired a new stake in shares of Cipher Mining during the second quarter valued at about $397,000. Tower Research Capital LLC TRC grew its stake in shares of Cipher Mining by 41.4% during the second quarter. Tower Research Capital LLC TRC now owns 31,770 shares of the company's stock valued at $152,000 after acquiring an additional 9,295 shares in the last quarter. Northern Right Capital Management L.P. acquired a new stake in shares of Cipher Mining during the second quarter valued at about $846,000. Finally, Tidal Investments LLC grew its stake in shares of Cipher Mining by 28.3% during the second quarter. Tidal Investments LLC now owns 6,984,438 shares of the company's stock valued at $33,386,000 after acquiring an additional 1,541,138 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CIFR shares. Cantor Fitzgerald raised their price objective on Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research report on Thursday, June 5th. Rosenblatt Securities reissued a "buy" rating and issued a $5.50 price objective on shares of Cipher Mining in a research report on Wednesday, May 7th. Jones Trading started coverage on Cipher Mining in a research report on Monday, July 21st. They issued a "hold" rating on the stock. Macquarie raised their price objective on Cipher Mining from $6.00 to $8.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Finally, Canaccord Genuity Group raised their price objective on Cipher Mining from $8.00 to $9.00 and gave the company a "buy" rating in a research report on Tuesday, August 19th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus 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.