Insider Selling: Cipher Mining Inc. (NASDAQ:CIFR) Major Shareholder Sells 369,984 Shares of Stock

Key Points

• Holding Ltd V3, a major shareholder in Cipher Mining Inc., sold 369,984 shares at an average price of $5.61, totaling over $2 million, reducing their ownership by 0.41%.
• Recent analyst upgrades include price target increases from Cantor Fitzgerald and Canaccord Genuity Group, with average price targets for Cipher Mining stock now estimated around $7.63.
• Cipher Mining reported a negative net margin of 81.21% for the last quarter and missed revenue expectations, bringing its EPS to -$0.11.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) major shareholder Holding Ltd V3 sold 369,984 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $5.61, for a total transaction of $2,075,610.24. Following the completion of the sale, the insider owned 90,942,259 shares in the company, valued at approximately $510,186,072.99. This trade represents a 0.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Large shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Holding Ltd V3 also recently made the following trade(s):

• On Tuesday, July 29th, Holding Ltd V3 sold 66,049 shares of Cipher Mining stock. The stock was sold at an average price of $6.06, for a total transaction of $400,256.94.
• On Monday, July 28th, Holding Ltd V3 sold 500,000 shares of Cipher Mining stock. The stock was sold at an average price of $6.19, for a total transaction of $3,095,000.00.
• On Friday, July 25th, Holding Ltd V3 sold 500,000 shares of Cipher Mining stock. The stock was sold at an average price of $6.45, for a total transaction of $3,225,000.00.
• On Wednesday, July 23rd, Holding Ltd V3 sold 500,000 shares of Cipher Mining stock. The stock was sold at an average price of $6.55, for a total transaction of $3,275,000.00.

Cipher Mining Stock Performance

CIFR stock traded down $0.53 on Friday, hitting $4.93. The company had a trading volume of 18,939,017 shares, compared to its average volume of 33,632,744. Cipher Mining Inc. has a 12-month low of $1.86 and a 12-month high of $7.77. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.01. The stock's 50-day simple moving average is $4.85 and its 200 day simple moving average is $4.15. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of -13.69 and a beta of 2.73.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.11). Cipher Mining had a negative net margin of 81.21% and a negative return on equity of 17.77%. The company had revenue of $48.96 million for the quarter, compared to analysts' expectations of $53.57 million. As a group, equities research analysts expect that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Canaccord Genuity Group reissued a "buy" rating and set a $8.00 price target on shares of Cipher Mining in a research report on Thursday, May 8th. Jones Trading assumed coverage on shares of Cipher Mining in a research report on Monday, July 21st. They set a "hold" rating for the company. Rosenblatt Securities reissued a "buy" rating and set a $5.50 price target on shares of Cipher Mining in a research report on Wednesday, May 7th. HC Wainwright reissued a "buy" rating on shares of Cipher Mining in a research report on Tuesday, May 6th. Finally, Cantor Fitzgerald raised their price target on shares of Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research report on Thursday, June 5th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $7.63.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. Teacher Retirement System of Texas boosted its stake in shares of Cipher Mining by 7.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 38,281 shares of the company's stock worth $183,000 after acquiring an additional 2,812 shares during the last quarter. Anthracite Investment Company Inc. purchased a new position in shares of Cipher Mining during the 2nd quarter worth $163,000. R Squared Ltd purchased a new position in shares of Cipher Mining during the 2nd quarter worth $79,000. FNY Investment Advisers LLC boosted its stake in shares of Cipher Mining by 44.6% during the 2nd quarter. FNY Investment Advisers LLC now owns 23,135 shares of the company's stock worth $110,000 after acquiring an additional 7,135 shares during the last quarter. Finally, Tiptree Advisors LLC purchased a new position in shares of Cipher Mining during the 2nd quarter worth $717,000. Hedge funds and other institutional investors own 12.26% of the company's stock.

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.