Cipher Mining (NASDAQ:CIFR) Stock Price Down 6% on 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)'s share price dropped 6% on Wednesday after an insider sold shares in the company. The stock traded as low as $5.32 and last traded at $5.42. Approximately 4,934,854 shares traded hands during 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 Cipher Mining stock in a transaction on Friday, August 15th. The shares were sold at an average price of $5.20, for a total value of $233,329.20. Following the sale, the chief operating officer owned 1,089,260 shares of the company's stock, valued at approximately $5,664,152. This trade represents a 3.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $200,002.88. Following the completion of the sale, the director directly owned 194,313 shares in the company, valued at $1,196,968.08. This represents a 14.32% decrease in their position. The disclosure for this sale can be found here. In related news, Director Cary M. Grossman sold 75,000 shares of Cipher Mining stock in a transaction on Monday, August 18th. The shares were sold at an average price of $5.89, for a total value of $441,750.00. Following the sale, the director owned 225,530 shares of the company's stock, valued at approximately $1,328,371.70. This trade represents a 24.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

CIFR has been the topic of a number of research analyst reports. Rosenblatt Securities reissued a "buy" rating and issued a $5.50 price target on shares of Cipher Mining in a research note on Wednesday, May 7th. HC Wainwright reaffirmed a "buy" rating on shares of Cipher Mining in a research note on Tuesday, May 6th. Macquarie lifted their target price on shares of Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Cantor Fitzgerald lifted their target price on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research note on Thursday, June 5th. Finally, Canaccord Genuity Group lifted their target price on shares of Cipher Mining from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $7.67.

Cipher Mining Stock Performance

The firm's 50-day moving average price is $5.36 and its two-hundred day moving average price is $4.14. 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 stock has a market cap of $2.57 billion, a price-to-earnings ratio of -15.25 and a beta of 2.73.

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

Institutional Trading of Cipher Mining

Several institutional investors and hedge funds have recently bought and sold shares of CIFR. NewEdge Advisors LLC purchased a new stake in Cipher Mining in the 4th quarter valued at about $29,000. Stoneridge Investment Partners LLC purchased a new stake in Cipher Mining in the 1st quarter valued at about $29,000. FNY Investment Advisers LLC raised its holdings in Cipher Mining by 42.9% in the 1st quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock valued at $36,000 after buying an additional 4,800 shares during the period. Valeo Financial Advisors LLC purchased a new stake in Cipher Mining in the 1st quarter valued at about $37,000. Finally, Steward Partners Investment Advisory LLC raised its holdings in Cipher Mining by 258.1% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company's stock valued at $43,000 after buying an additional 6,516 shares during the period. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.