Cipher Mining (NASDAQ:CIFR) Shares Down 4.5% on Insider Selling

Key Points

• Cipher Mining's shares fell by 4.5% amid significant insider selling, with major shareholder Holding Ltd V3 selling over 3.5 million shares at an average price of $12.36.
• Research firms have recently increased their price targets for Cipher Mining, with Canaccord Genuity raising it to $13.00 and Arete setting a target of $24.00, reflecting a generally positive outlook.
• The company reported earnings of ($0.12) per share, meeting expectations, but fell short on revenue with $43.57 million compared to a forecast of $51.89 million.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price was down 4.5% during trading on Friday following insider selling activity. The stock traded as low as $11.07 and last traded at $11.13. Approximately 26,511,595 shares were traded during trading, an increase of 9% from the average daily volume of 24,249,426 shares. The stock had previously closed at $11.66.

Specifically, major shareholder Holding Ltd V3 sold 3,504,540 shares of the business's stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $12.36, for a total transaction of $43,316,114.40. Following the transaction, the insider owned 71,437,719 shares of the company's stock, valued at approximately $882,970,206.84. The trade was a 4.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Holding Ltd V3 sold 900,000 shares of Cipher Mining stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $14.41, for a total transaction of $12,969,000.00. Following the sale, the insider owned 74,942,259 shares in the company, valued at $1,079,917,952.19. This represents a 1.19% decrease in their position. The disclosure for this sale can be found here. In other news, major shareholder Holding Ltd V3 sold 900,000 shares of the business's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $12.85, for a total value of $11,565,000.00. Following the sale, the insider owned 75,842,259 shares in the company, valued at approximately $974,573,028.15. The trade was a 1.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Analysts Set New Price Targets

A number of research firms recently issued reports on CIFR. Canaccord Genuity Group lifted their price target on Cipher Mining from $9.00 to $13.00 and gave the company a "buy" rating in a report on Tuesday, September 16th. Arete started coverage on Cipher Mining in a report on Wednesday. They set a "buy" rating and a $24.00 price objective for the company. Arete Research started coverage on Cipher Mining in a report on Wednesday. They set a "buy" rating and a $24.00 price objective for the company. Macquarie boosted their price objective on Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Finally, Compass Point started coverage on Cipher Mining in a report on Monday, September 15th. They set a "buy" rating for the company. Twelve analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $11.36.

Cipher Mining Trading Down 3.4%

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 business has a 50-day simple moving average of $7.64 and a two-hundred day simple moving average of $4.95. The stock has a market cap of $4.43 billion, a price-to-earnings ratio of -26.18 and a beta of 2.76.

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). The company had revenue of $43.57 million during the quarter, compared to the consensus estimate of $51.89 million. Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%. As a group, research analysts forecast that Cipher Mining Inc. will post -0.31 EPS for the current year.

Hedge Funds Weigh In On Cipher Mining

Several large investors have recently modified their holdings of CIFR. Millennium Management LLC bought a new position in shares of Cipher Mining in the first quarter valued at about $9,316,000. Alyeska Investment Group L.P. acquired a new position in Cipher Mining in the first quarter valued at about $7,094,000. Helix Partners Management LP grew its position in Cipher Mining by 95.8% in the first quarter. Helix Partners Management LP now owns 4,400,000 shares of the company's stock valued at $10,120,000 after acquiring an additional 2,153,058 shares during the last quarter. JPMorgan Chase & Co. grew its position in Cipher Mining by 996.9% in the second quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company's stock valued at $10,645,000 after acquiring an additional 2,023,994 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Cipher Mining by 52.4% during the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company's stock valued at $10,765,000 after purchasing an additional 1,610,073 shares in the last quarter. 12.26% of the stock is owned by institutional investors.

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.

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