Insider Selling: Cipher Mining (NASDAQ:CIFR) Major Shareholder Sells 900,000 Shares of Stock

Key Points

• Major shareholder Holding Ltd V3 sold a total of 900,000 shares of Cipher Mining at an average price of $12.37, amounting to approximately $11.13 million, reducing their ownership stake by 1.15% to around 77.64 million shares.
• Cipher Mining's stock recently traded up 13.7% to $13.96, with a notable trading volume of 43,533,283 shares compared to its average volume of 23,253,688 shares.
• Following recent trading activity, several brokerages have increased their price targets for Cipher Mining, with Cantor Fitzgerald raising theirs to $6.00 and Canaccord Genuity increasing theirs to $13.00.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) major shareholder Holding Ltd V3 sold 900,000 shares of the business's stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $12.37, for a total value of $11,133,000.00. Following the completion of the transaction, the insider directly owned 77,642,259 shares of the company's stock, valued at $960,434,743.83. The trade was a 1.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Major shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

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

• On Monday, September 22nd, Holding Ltd V3 sold 900,000 shares of Cipher Mining stock. The shares were sold at an average price of $12.85, for a total transaction of $11,565,000.00.
• On Wednesday, September 17th, Holding Ltd V3 sold 900,000 shares of Cipher Mining stock. The shares were sold at an average price of $11.77, for a total transaction of $10,593,000.00.
• On Monday, September 15th, Holding Ltd V3 sold 900,000 shares of Cipher Mining stock. The stock was sold at an average price of $10.80, for a total transaction of $9,720,000.00.
• On Friday, September 12th, Holding Ltd V3 sold 900,000 shares of Cipher Mining stock. The stock was sold at an average price of $10.60, for a total value of $9,540,000.00.
• On Wednesday, September 10th, Holding Ltd V3 sold 900,000 shares of Cipher Mining stock. The stock was sold at an average price of $9.98, for a total value of $8,982,000.00.
• On Monday, September 8th, Holding Ltd V3 sold 600,000 shares of Cipher Mining stock. The shares were sold at an average price of $7.48, for a total value of $4,488,000.00.
• On Friday, September 5th, Holding Ltd V3 sold 600,000 shares of Cipher Mining stock. The shares were sold at an average price of $7.38, for a total value of $4,428,000.00.
• On Thursday, September 4th, Holding Ltd V3 sold 700,000 shares of Cipher Mining stock. The shares were sold at an average price of $7.60, for a total transaction of $5,320,000.00.
• On Tuesday, September 2nd, Holding Ltd V3 sold 600,000 shares of Cipher Mining stock. The shares were sold at an average price of $8.13, for a total transaction of $4,878,000.00.
• On Wednesday, July 30th, Holding Ltd V3 sold 369,984 shares of Cipher Mining stock. The shares were sold at an average price of $5.61, for a total transaction of $2,075,610.24.

Cipher Mining Price Performance

Shares of Cipher Mining stock traded up $0.14 on Tuesday, hitting $14.10. 40,465,973 shares of the company were exchanged, compared to its average volume of 23,328,932. The stock has a market capitalization of $5.55 billion, a price-to-earnings ratio of -32.79 and a beta of 2.75. The company has a 50-day moving average price of $7.22 and a 200 day moving average price of $4.76. Cipher Mining Inc. has a 1-year low of $1.86 and a 1-year high of $14.73. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, hitting 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 the consensus estimate of $51.89 million. As a group, sell-side analysts predict that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Macquarie boosted their target price on shares of Cipher Mining from $6.00 to $8.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Compass Point initiated coverage on shares of Cipher Mining in a research report on Monday, September 15th. They set a "buy" rating on the stock. Jones Trading assumed coverage on Cipher Mining in a research note on Monday, July 21st. They set a "hold" rating for the company. Cantor Fitzgerald increased their price target on Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a report on Thursday, June 5th. Finally, Canaccord Genuity Group upped their target price on shares of Cipher Mining from $9.00 to $13.00 and gave the company a "buy" rating in a research report on Tuesday, September 16th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Cipher Mining currently has a consensus rating of "Moderate Buy" and a consensus price target of $8.11.

Institutional Trading of Cipher Mining

Hedge funds have recently modified their holdings of the stock. Ameriprise Financial Inc. purchased a new position in Cipher Mining in the fourth quarter worth approximately $137,000. BNP Paribas Financial Markets purchased a new position in Cipher Mining in the fourth quarter valued at $118,000. Bank of America Corp DE increased its holdings in Cipher Mining by 47.3% in the fourth quarter. Bank of America Corp DE now owns 182,898 shares of the company's stock valued at $849,000 after buying an additional 58,742 shares during the last quarter. Lazard Asset Management LLC boosted its position in shares of Cipher Mining by 33,025.4% during the 4th quarter. Lazard Asset Management LLC now owns 22,194 shares of the company's stock worth $101,000 after acquiring an additional 22,127 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Cipher Mining by 67.2% during the 4th quarter. ProShare Advisors LLC now owns 57,037 shares of the company's stock worth $265,000 after acquiring an additional 22,924 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.