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

Key Points

• Cipher Mining's share price fell from $18.72 to $17.51 before trading due to significant insider selling, with a total of over 4 million shares sold in recent transactions.
• Major shareholder Holding Ltd V3 sold shares at prices ranging from $20.32 to $21.06, leading to a notable reduction in their ownership stake in the company.
• Analysts have recently updated their price targets for Cipher Mining, with estimates ranging from $12.00 to $25.00, and the consensus rating is currently a "Moderate Buy."

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $18.72, but opened at $17.51. Cipher Mining shares last traded at $17.15, with a volume of 17,721,230 shares traded.

Specifically, major shareholder Holding Ltd V3 sold 535,843 shares of the firm's stock in a transaction that occurred on Thursday, October 16th. The shares were sold at an average price of $20.32, for a total transaction of $10,888,329.76. Following the transaction, the insider owned 61,316,694 shares of the company's stock, valued at approximately $1,245,955,222.08. This trade represents a 0.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Holding Ltd V3 sold 2,167,684 shares of the business's stock in a transaction that occurred on 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 sale, the insider directly owned 61,852,537 shares of the company's stock, valued at $1,302,614,429.22. This represents a 3.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, major shareholder Holding Ltd V3 sold 1,832,316 shares of the stock in a transaction on Tuesday, October 14th. The shares were sold at an average price of $20.78, for a total transaction of $38,075,526.48. Following the transaction, the insider owned 64,020,221 shares in the company, valued at $1,330,340,192.38. This represents a 2.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CIFR shares. JPMorgan Chase & Co. lifted their price objective on shares of Cipher Mining from $6.00 to $12.00 and gave the company a "neutral" rating in a research note on Friday, September 26th. Arete began coverage on Cipher Mining in a research report on Wednesday, September 24th. They issued a "buy" rating and a $24.00 price target for the company. Rosenblatt Securities increased their price objective on Cipher Mining from $14.00 to $25.00 and gave the company a "buy" rating in a report on Thursday. BTIG Research raised their price objective on Cipher Mining from $9.00 to $25.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, Jones Trading initiated coverage on Cipher Mining in a report on Monday, July 21st. They issued a "hold" rating for the company. Twelve analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $17.68.

Cipher Mining Price Performance

The company has a market capitalization of $6.84 billion, a P/E ratio of -40.87 and a beta of 2.87. The stock's fifty day simple moving average is $10.75 and its 200-day simple moving average is $6.32. 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 posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, hitting the consensus estimate of ($0.12). Cipher Mining had a negative return on equity of 21.71% and a negative net margin of 96.95%.The business had revenue of $43.57 million during the quarter, compared to analysts' expectations of $51.89 million. On average, equities analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds have recently modified their holdings of the business. Scott Capital Advisors LLC acquired a new stake in shares of Cipher Mining in the third quarter worth $126,000. Farther Finance Advisors LLC boosted its holdings in Cipher Mining by 19.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 66,715 shares of the company's stock valued at $840,000 after purchasing an additional 10,723 shares during the period. Exchange Traded Concepts LLC grew its position in Cipher Mining by 27.5% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,369,929 shares of the company's stock worth $17,247,000 after purchasing an additional 295,383 shares during the last quarter. DKM Wealth Management Inc. bought a new position in shares of Cipher Mining during the 3rd quarter worth about $157,000. Finally, Signal Advisors Wealth LLC increased its holdings in shares of Cipher Mining by 41.2% during the 3rd quarter. Signal Advisors Wealth LLC now owns 14,122 shares of the company's stock worth $178,000 after purchasing an additional 4,122 shares during the period. 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.

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.