Insider Selling: Cipher Mining (NASDAQ:CIFR) Director Sells 20,000 Shares of Stock

Key Points

• Director Cary Grossman sold 20,000 shares of Cipher Mining on May 6 at an average price of $21.82, totaling about $436,400 and cutting his stake by 11.73%.
• Cipher Mining shares slipped 0.6% to $20.55, while the company remains highly volatile with a beta of 3.13 and a 52-week range of $2.95 to $25.52.
• Recent earnings missed expectations, with Cipher reporting a loss of $0.28 per share on revenue of $34.84 million, below analyst estimates, though analysts still largely rate the stock a Buy with a consensus target of $26.29.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) Director Cary Grossman sold 20,000 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $21.82, for a total value of $436,400.00. Following the completion of the sale, the director directly owned 150,530 shares of the company's stock, valued at approximately $3,284,564.60. The trade was a 11.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Cipher Mining Stock Down 0.6%

CIFR traded down $0.13 during trading on Friday, reaching $20.55. 24,412,106 shares of the stock were exchanged, compared to its average volume of 28,235,041. The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.79 and a current ratio of 3.13. The stock's 50 day moving average price is $15.99 and its two-hundred day moving average price is $16.83. Cipher Mining Inc. has a twelve month low of $2.95 and a twelve month high of $25.52. The stock has a market cap of $8.41 billion, a P/E ratio of -8.82 and a beta of 3.13.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of ($0.27) by ($0.01). The firm had revenue of $34.84 million during the quarter, compared to analyst estimates of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The company's quarterly revenue was down 28.8% compared to the same quarter last year. Equities analysts expect that Cipher Mining Inc. will post -0.9 EPS for the current year.

Institutional Investors Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently modified their holdings of the company. Sherman Asset Management Inc. acquired a new position in shares of Cipher Mining in the third quarter valued at about $25,000. Los Angeles Capital Management LLC acquired a new stake in Cipher Mining in the 4th quarter worth about $25,000. Arax Advisory Partners raised its stake in Cipher Mining by 274.2% in the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company's stock worth $27,000 after purchasing an additional 1,338 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Cipher Mining by 218.3% in the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company's stock valued at $28,000 after purchasing an additional 1,286 shares during the period. Finally, Meeder Asset Management Inc. acquired a new position in shares of Cipher Mining during the 4th quarter worth approximately $28,000. Institutional investors and hedge funds own 12.26% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on CIFR shares. Keefe, Bruyette & Woods upped their price objective on Cipher Mining from $23.00 to $27.00 and gave the company an "outperform" rating in a research note on Thursday. Cantor Fitzgerald reduced their target price on Cipher Mining from $24.00 to $22.00 and set an "overweight" rating for the company in a research note on Thursday, April 9th. BTIG Research reissued a "buy" rating and set a $25.00 target price on shares of Cipher Mining in a report on Wednesday. HC Wainwright raised their price target on Cipher Mining from $25.00 to $30.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Wall Street Zen cut shares of Cipher Mining from a "hold" rating to a "strong sell" rating in a research report on Sunday, March 1st. Fourteen analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $26.29.

Trending Headlines about Cipher Mining

Here are the key news stories impacting Cipher Mining this week:

• Positive Sentiment: Rosenblatt Securities raised its price target on Cipher Mining to $30 from $24 and reiterated a buy rating, signaling confidence in further upside. Rosenblatt Securities Raises Price Target on Cipher Mining
• Positive Sentiment: Keefe, Bruyette & Woods lifted its target to $27 from $23 and kept an outperform rating, which reinforced the bullish analyst trend. Cipher Mining Price Target Raised by Keefe, Bruyette & Woods
• Positive Sentiment: HC Wainwright also reportedly increased its price target to $30, adding another vote of confidence in Cipher Mining’s outlook. Cipher Mining Given New Price Target at HC Wainwright
• Positive Sentiment: News coverage highlighted Cipher Mining’s momentum tied to large AI campus leases and a $2.2 billion financing, which supports the company’s growth story and could attract momentum investors. Cipher Digital Is Up After Massive AI Campus Leases And Financing
• Neutral Sentiment: Cipher Mining said it will participate in several upcoming investor and industry conferences, which may help keep the company visible but does not change fundamentals by itself. Cipher Digital Announces Participation in Upcoming Investor and Industry Conferences
• Negative Sentiment: Director Cary M. Grossman sold 20,000 shares, trimming his stake by 11.73%, which can be viewed as a mild confidence signal against the stock. Cary M. Grossman Insider Sale SEC Filing
• Negative Sentiment: Director Wesley Hastie Williams sold 28,169 shares, reducing his position by 17.81%, adding a second insider-sale headline that may temper enthusiasm. Wesley Hastie Williams Insider Sale SEC Filing

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.

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