Cipher Mining (NASDAQ:CIFR) Shares Down 6% Following Insider Selling

Key Points

• Cipher Mining's shares fell by 6%, trading down to $5.42, following insider selling by key executives, including COO Patrick Arthur Kelly.
• Insider sales included Kelly selling 44,871 shares at $5.20 and Director Cary M. Grossman selling 75,000 shares at $5.89, resulting in significant ownership decreases for both individuals.
• Analysts maintain a positive outlook on Cipher Mining, with target price estimates ranging from $5.50 to $8.00, indicating expectations of future growth despite the recent stock dip.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) was down 6% during trading on Wednesday following insider selling activity. The company traded as low as $5.32 and last traded at $5.42. Approximately 4,934,854 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 21,049,043 shares. The stock had previously closed at $5.76.

Specifically, COO Patrick Arthur Kelly sold 44,871 shares of the stock in a transaction on Friday, August 15th. The stock was sold at an average price of $5.20, for a total value of $233,329.20. Following the completion of the transaction, the chief operating officer owned 1,089,260 shares of the company's stock, valued at approximately $5,664,152. This represents a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director James E. Newsome sold 32,468 shares of the firm's 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 transaction, the director directly owned 194,313 shares in the company, valued at $1,196,968.08. This trade represents a 14.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, Director Cary M. Grossman sold 75,000 shares of the company'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 owned 225,530 shares of the company's stock, valued at $1,328,371.70. This represents a 24.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Macquarie raised their target price on shares of Cipher Mining from $6.00 to $8.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. HC Wainwright reiterated a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. Rosenblatt Securities restated a "buy" rating and issued a $5.50 target price on shares of Cipher Mining in a research report on Wednesday, May 7th. Jones Trading assumed coverage on Cipher Mining in a research report on Monday, July 21st. They set a "hold" rating on the stock. Finally, Cantor Fitzgerald upped their price objective on Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a report on Thursday, June 5th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $7.67.

Cipher Mining Stock Performance

The firm's fifty day simple moving average is $5.23 and its 200 day simple moving average is $4.14. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of -12.69 and a beta of 2.73. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18.

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. V3 Holding Ltd purchased a new position in Cipher Mining during the 4th quarter valued at about $452,713,000. Geode Capital Management LLC lifted its position in Cipher Mining by 18.1% in the 2nd quarter. Geode Capital Management LLC now owns 7,242,210 shares of the company's stock worth $34,621,000 after buying an additional 1,108,850 shares in the last quarter. Tidal Investments LLC boosted its stake in shares of Cipher Mining by 28.3% during the 2nd quarter. Tidal Investments LLC now owns 6,984,438 shares of the company's stock valued at $33,386,000 after buying an additional 1,541,138 shares during the period. Vident Advisory LLC boosted its stake in shares of Cipher Mining by 11.9% during the 1st quarter. Vident Advisory LLC now owns 4,753,772 shares of the company's stock valued at $10,934,000 after buying an additional 503,694 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Cipher Mining by 52.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company's stock valued at $10,765,000 after acquiring an additional 1,610,073 shares in the last quarter. 12.26% of the stock is 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.

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