Insider Selling: Cipher Mining Inc. (NASDAQ:CIFR) Major Shareholder Sells 500,000 Shares of Stock

Key Points

• Holding Ltd V3, a major shareholder of Cipher Mining Inc., sold 500,000 shares at an average price of $6.19, amounting to a total of $3,095,000, reducing its ownership by 0.54%.
• Cipher Mining's stock has experienced a 7.8% decline recently, trading at $5.68, despite having a market capitalization of $1.90 billion.
• The company reported negative earnings per share of ($0.11) for its last quarter, with revenues falling short of expectations, highlighting ongoing financial challenges.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) major shareholder Holding Ltd V3 sold 500,000 shares of the company's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $6.19, for a total value of $3,095,000.00. Following the completion of the sale, the insider directly owned 91,378,292 shares of the company's stock, valued at approximately $565,631,627.48. This trade represents a 0.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.

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

• On Friday, July 25th, Holding Ltd V3 sold 500,000 shares of Cipher Mining stock. The shares were sold at an average price of $6.45, for a total value of $3,225,000.00.
• On Wednesday, July 23rd, Holding Ltd V3 sold 500,000 shares of Cipher Mining stock. The shares were sold at an average price of $6.55, for a total value of $3,275,000.00.

Cipher Mining Stock Down 7.8%

Shares of NASDAQ:CIFR traded down $0.48 during trading on Tuesday, hitting $5.68. The company's stock had a trading volume of 21,793,828 shares, compared to its average volume of 21,149,307. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.11 and a current ratio of 1.11. Cipher Mining Inc. has a fifty-two week low of $1.86 and a fifty-two week high of $7.77. The stock's 50-day moving average price is $4.71 and its two-hundred day moving average price is $4.13. The company has a market capitalization of $1.90 billion, a PE ratio of -15.78 and a beta of 2.72.

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on CIFR. Canaccord Genuity Group reaffirmed a "buy" rating and set a $8.00 price objective on shares of Cipher Mining in a research report on Thursday, May 8th. Cantor Fitzgerald raised their price objective on Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research note on Thursday, June 5th. HC Wainwright reissued a "buy" rating on shares of Cipher Mining in a research report on Tuesday, May 6th. 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. Finally, Jones Trading assumed coverage on Cipher Mining in a research report on Monday, July 21st. They issued a "hold" rating for the company. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $7.63.

Hedge Funds Weigh In On Cipher Mining

Several institutional investors have recently made changes to their positions in the stock. V3 Holding Ltd acquired a new stake in Cipher Mining in the fourth quarter worth approximately $452,713,000. Millennium Management LLC purchased a new stake in shares of Cipher Mining in the first quarter valued at $9,316,000. Alyeska Investment Group L.P. purchased a new stake in shares of Cipher Mining in the first quarter valued at $7,094,000. Lone Pine Capital LLC acquired a new position in shares of Cipher Mining in the fourth quarter worth $10,878,000. Finally, Helix Partners Management LP acquired a new position in shares of Cipher Mining in the fourth quarter worth $10,426,000. 12.26% of the stock is owned by 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.

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