Cipher Mining (NASDAQ:CIFR) Major Shareholder Sells $45,651,425.04 in Stock

Key Points

• Holding Ltd V3, a major shareholder of Cipher Mining, sold shares totaling $45.65 million on October 15, reducing their ownership in the company by 3.39%.
• Cipher Mining's stock price dropped 11% on October 16, closing at $18.72, with significant trading volume exceeding 49 million shares.
• Analysts currently have a consensus rating of "Moderate Buy" for Cipher Mining, with a price target averaging $17.68.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) major shareholder Holding Ltd V3 sold 2,167,684 shares of the firm's stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $21.06, for a total transaction of $45,651,425.04. Following the completion of the transaction, the insider directly owned 61,852,537 shares in the company, valued at $1,302,614,429.22. This represents a 3.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own 10% or more 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 Thursday, October 16th, Holding Ltd V3 sold 535,843 shares of Cipher Mining stock. The shares were sold at an average price of $20.32, for a total value of $10,888,329.76.
• On Tuesday, October 14th, Holding Ltd V3 sold 1,832,316 shares of Cipher Mining stock. The shares were sold at an average price of $20.78, for a total value of $38,075,526.48.
• On Friday, September 26th, Holding Ltd V3 sold 1,585,182 shares of Cipher Mining stock. The shares were sold at an average price of $11.61, for a total value of $18,403,963.02.
• On Monday, September 29th, Holding Ltd V3 sold 2,000,000 shares of Cipher Mining stock. The shares were sold at an average price of $12.08, for a total value of $24,160,000.00.
• On Thursday, September 25th, Holding Ltd V3 sold 3,504,540 shares of Cipher Mining stock. The shares were sold at an average price of $12.36, for a total value of $43,316,114.40.
• On Wednesday, September 24th, Holding Ltd V3 sold 900,000 shares of Cipher Mining stock. The shares were sold at an average price of $14.41, for a total value of $12,969,000.00.
• 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 value of $11,565,000.00.
• On Friday, September 19th, Holding Ltd V3 sold 900,000 shares of Cipher Mining stock. The shares were sold at an average price of $12.37, for a total value of $11,133,000.00.
• On Wednesday, September 17th, Holding Ltd V3 sold 900,000 shares of Cipher Mining stock. The stock was sold at an average price of $11.77, for a total value 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 value of $9,720,000.00.

Cipher Mining Stock Down 11.0%

Cipher Mining stock traded down $2.31 during mid-day trading on Thursday, reaching $18.72. 49,042,303 shares of the company were exchanged, compared to its average volume of 27,039,244. The business has a fifty day moving average of $10.47 and a 200 day moving average of $6.21. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18. The firm has a market cap of $7.36 billion, a P/E ratio of -43.53 and a beta of 2.87. Cipher Mining Inc. has a 12-month low of $1.86 and a 12-month high of $22.00.

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

Institutional Investors Weigh In On Cipher Mining

Hedge funds have recently added to or reduced their stakes in the business. Stoneridge Investment Partners LLC purchased a new stake in Cipher Mining in the first quarter valued at $29,000. FNY Investment Advisers LLC boosted its holdings in Cipher Mining by 42.9% during the first quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock worth $36,000 after buying an additional 4,800 shares in the last quarter. Valeo Financial Advisors LLC purchased a new stake in Cipher Mining during the first quarter worth $37,000. Steward Partners Investment Advisory LLC boosted its holdings in Cipher Mining by 258.1% during the second quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company's stock worth $43,000 after buying an additional 6,516 shares in the last quarter. Finally, Signal Advisors Wealth LLC purchased a new stake in Cipher Mining during the second quarter worth $48,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CIFR has been the topic of a number of recent analyst reports. Needham & Company LLC upped their price target on Cipher Mining from $10.00 to $15.00 and gave the stock a "buy" rating in a research report on Tuesday, September 30th. Arete Research initiated coverage on Cipher Mining in a research report on Wednesday, September 24th. They set a "buy" rating and a $24.00 price target on the stock. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Cipher Mining in a research report on Tuesday. HC Wainwright upped their price target on Cipher Mining from $7.50 to $17.00 and gave the stock a "buy" rating in a research report on Monday, September 29th. Finally, BTIG Research lifted their price objective on shares of Cipher Mining from $9.00 to $25.00 and gave the stock a "buy" rating in a research note on Tuesday. Twelve investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $17.68.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.