Patrick Arthur Kelly Sells 44,870 Shares of Cipher Mining (NASDAQ:CIFR) Stock

Key Points

• Patrick Arthur Kelly, COO of Cipher Mining, sold 44,870 shares of the company's stock at an average price of $10.80, totaling about $484,596, resulting in a 4.12% decrease in his holdings.
• Cipher Mining's shares rose by 6.1% to $11.51 after mid-day trading, with a market cap of $4.53 billion and a PE ratio of -26.77.
• The company reported a net loss with earnings per share of (-$0.12), falling short of revenue expectations, and analysts predict a loss of ($0.31) per share for the current fiscal year.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) COO Patrick Arthur Kelly sold 44,870 shares of Cipher Mining stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $10.80, for a total transaction of $484,596.00. Following the transaction, the chief operating officer directly owned 1,044,390 shares of the company's stock, valued at $11,279,412. This represents a 4.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Patrick Arthur Kelly also recently made the following trade(s):

• On Friday, August 15th, Patrick Arthur Kelly sold 44,871 shares of Cipher Mining stock. The shares were sold at an average price of $5.20, for a total transaction of $233,329.20.

Cipher Mining Price Performance

Shares of NASDAQ CIFR traded up $0.43 during trading on Friday, reaching $12.28. The company had a trading volume of 39,319,837 shares, compared to its average volume of 36,650,512. Cipher Mining Inc. has a 52 week low of $1.86 and a 52 week high of $12.82. The stock has a market cap of $4.83 billion, a PE ratio of -28.56 and a beta of 2.76. 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 business's 50 day moving average price is $7.06 and its 200-day moving average price is $4.68.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, hitting 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 company had revenue of $43.57 million during the quarter, compared to the consensus estimate of $51.89 million. Analysts expect that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Analysts Set New Price Targets

CIFR has been the subject of a number of research analyst reports. Canaccord Genuity Group boosted their target price on shares of Cipher Mining from $9.00 to $13.00 and gave the stock a "buy" rating in a research note on Tuesday. Compass Point began coverage on shares of Cipher Mining in a research note on Monday. They issued a "buy" rating for the company. Cantor Fitzgerald lifted their price target on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research report on Thursday, June 5th. Macquarie increased their price objective on shares of Cipher Mining from $6.00 to $8.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Finally, Jones Trading assumed coverage on shares of Cipher Mining in a report on Monday, July 21st. They issued a "hold" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Cipher Mining has an average rating of "Moderate Buy" and a consensus target price of $8.11.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Marex Group plc acquired a new position in Cipher Mining during the second quarter valued at approximately $333,000. Nomura Holdings Inc. acquired a new position in shares of Cipher Mining in the second quarter valued at approximately $397,000. Tower Research Capital LLC TRC boosted its holdings in shares of Cipher Mining by 41.4% in the second quarter. Tower Research Capital LLC TRC now owns 31,770 shares of the company's stock valued at $152,000 after buying an additional 9,295 shares during the period. Northern Right Capital Management L.P. acquired a new position in shares of Cipher Mining in the second quarter valued at approximately $846,000. Finally, Tidal Investments LLC boosted its holdings in shares of Cipher Mining by 28.3% in the second 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. Institutional investors and hedge funds 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.