Insider Selling: Cipher Mining (NASDAQ:CIFR) Major Shareholder Sells 1,832,316 Shares of Stock

Key Points

• Holding Ltd V3 sold a total of 1,832,316 shares of Cipher Mining Inc. (NASDAQ:CIFR) for approximately $38 million, decreasing their ownership by 2.78%.
• Cipher Mining's stock experienced an 11% decline, trading at $18.72, with notable increases in trading volume compared to its average.
• Analysts have rated Cipher Mining with an average "Moderate Buy" rating and a target price of $17.68, reflecting optimism despite recent insider selling.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) major shareholder Holding Ltd V3 sold 1,832,316 shares of the business's 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 directly owned 64,020,221 shares in the company, valued at approximately $1,330,340,192.38. The trade was a 2.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own 10% or more 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 Thursday, October 16th, Holding Ltd V3 sold 535,843 shares of Cipher Mining stock. The shares were sold at an average price of $20.32, for a total transaction of $10,888,329.76.
• On Wednesday, October 15th, Holding Ltd V3 sold 2,167,684 shares of Cipher Mining stock. The shares were sold at an average price of $21.06, for a total transaction of $45,651,425.04.
• On Friday, September 26th, Holding Ltd V3 sold 1,585,182 shares of Cipher Mining stock. The shares were sold at an average price of $11.61, for a total transaction of $18,403,963.02.
• On Monday, September 29th, Holding Ltd V3 sold 2,000,000 shares of Cipher Mining stock. The shares were sold at an average price of $12.08, for a total transaction of $24,160,000.00.
• On Thursday, September 25th, Holding Ltd V3 sold 3,504,540 shares of Cipher Mining stock. The shares were sold at an average price of $12.36, for a total transaction of $43,316,114.40.
• On Wednesday, September 24th, Holding Ltd V3 sold 900,000 shares of Cipher Mining stock. The stock was sold at an average price of $14.41, for a total transaction of $12,969,000.00.
• On Monday, September 22nd, Holding Ltd V3 sold 900,000 shares of Cipher Mining stock. The stock was sold at an average price of $12.85, for a total transaction of $11,565,000.00.
• On Friday, September 19th, Holding Ltd V3 sold 900,000 shares of Cipher Mining stock. The stock was sold at an average price of $12.37, for a total transaction of $11,133,000.00.
• On Wednesday, September 17th, Holding Ltd V3 sold 900,000 shares of Cipher Mining stock. The stock was sold at an average price of $11.77, for a total transaction of $10,593,000.00.
• On Monday, September 15th, Holding Ltd V3 sold 900,000 shares of Cipher Mining stock. The stock was sold at an average price of $10.80, for a total transaction of $9,720,000.00.

Cipher Mining Stock Down 11.0%

Cipher Mining stock traded down $2.31 during mid-day trading on Thursday, reaching $18.72. The stock had a trading volume of 49,042,303 shares, compared to its average volume of 27,039,244. The company has a market capitalization of $7.36 billion, a price-to-earnings ratio of -43.53 and a beta of 2.87. The company has a 50-day moving average price of $10.47 and a two-hundred day moving average price of $6.21. Cipher Mining Inc. has a one year low of $1.86 and a one year high of $22.00. 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 announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.12). The company had revenue of $43.57 million for the quarter, compared to analysts' expectations of $51.89 million. Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. On average, analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Institutional Trading of Cipher Mining

A number of institutional investors have recently bought and sold shares of CIFR. Millennium Management LLC bought a new stake in Cipher Mining in the first quarter worth $9,316,000. Alyeska Investment Group L.P. purchased a new stake in Cipher Mining in the first quarter worth $7,094,000. Helix Partners Management LP increased its stake in Cipher Mining by 95.8% in the first quarter. Helix Partners Management LP now owns 4,400,000 shares of the company's stock worth $10,120,000 after purchasing an additional 2,153,058 shares during the period. JPMorgan Chase & Co. increased its stake in Cipher Mining by 996.9% in the second quarter. JPMorgan Chase & Co. now owns 2,227,021 shares of the company's stock worth $10,645,000 after purchasing an additional 2,023,994 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Cipher Mining by 52.4% in the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company's stock worth $10,765,000 after purchasing an additional 1,610,073 shares during the period. 12.26% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CIFR has been the topic of several research analyst reports. Arete Research initiated coverage on shares of Cipher Mining in a research note on Wednesday, September 24th. They set a "buy" rating and a $24.00 target price on the stock. Macquarie increased their price objective on shares of Cipher Mining from $8.00 to $16.00 and gave the stock an "outperform" rating in a research note on Monday, September 29th. Canaccord Genuity Group lifted their target price on Cipher Mining from $12.00 to $16.00 and gave the company a "buy" rating in a research report on Monday, September 29th. Rosenblatt Securities increased their target price on shares of Cipher Mining from $14.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday. Finally, Compass Point began coverage on shares of Cipher Mining in a report on Monday, September 15th. They issued a "buy" rating for the company. Twelve investment 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. Based on data from MarketBeat.com, Cipher Mining presently has an average rating of "Moderate Buy" and an average target price of $17.68.

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.

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