Patrick Arthur Kelly Sells 26,581 Shares of Cipher Mining (NASDAQ:CIFR) Stock

Key Points

• Patrick Arthur Kelly, COO of Cipher Mining, sold 26,581 shares of the company's stock for approximately $560,327, reducing his ownership by 2.14% to 1,213,919 shares.
• Cipher Mining's stock recently traded down by 11.0%, hitting $18.72, following various share transactions by institutional investors and hedge funds.
• Analysts have mixed ratings on Cipher Mining, with a consensus rating of "Moderate Buy" and an average price target of $17.68, reflecting potential growth despite recent declines in share price.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) COO Patrick Arthur Kelly sold 26,581 shares of the business's stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $21.08, for a total transaction of $560,327.48. Following the sale, the chief operating officer directly owned 1,213,919 shares of the company's stock, valued at $25,589,412.52. This represents a 2.14% 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 link.

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

• On Monday, September 15th, Patrick Arthur Kelly sold 44,870 shares of Cipher Mining stock. The stock was sold at an average price of $10.80, for a total value of $484,596.00.
• 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 value of $233,329.20.

Cipher Mining Trading Down 11.0%

NASDAQ:CIFR traded down $2.31 on Thursday, hitting $18.72. 49,042,303 shares of the stock were exchanged, compared to its average volume of 27,039,244. The stock has a market cap of $7.36 billion, a PE ratio of -43.53 and a beta of 2.87. Cipher Mining Inc. has a fifty-two week low of $1.86 and a fifty-two week high of $22.00. The company has a current ratio of 4.18, a quick ratio of 4.18 and a debt-to-equity ratio of 0.23. The stock has a fifty day moving average of $10.47 and a 200-day moving average of $6.21.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its 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). Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. The firm had revenue of $43.57 million during the quarter, compared to the consensus estimate of $51.89 million. As a group, equities analysts expect that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CIFR. Needham & Company LLC raised their target price on shares of Cipher Mining from $10.00 to $15.00 and gave the company a "buy" rating in a research note on Tuesday, September 30th. Compass Point began coverage on Cipher Mining in a research report on Monday, September 15th. They issued a "buy" rating on the stock. Rosenblatt Securities upped their target price on Cipher Mining from $14.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday. Weiss Ratings reiterated a "sell (d+)" rating on shares of Cipher Mining in a research note on Tuesday. Finally, Jones Trading assumed coverage on Cipher Mining in a research report on Monday, July 21st. They set a "hold" rating on the stock. Twelve investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Cipher Mining currently has a consensus rating of "Moderate Buy" and an average price target of $17.68.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently bought and sold shares of the company. Scott Capital Advisors LLC acquired a new stake in Cipher Mining during the third quarter valued at approximately $126,000. Farther Finance Advisors LLC increased its holdings in shares of Cipher Mining by 19.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 66,715 shares of the company's stock valued at $840,000 after acquiring an additional 10,723 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of Cipher Mining by 27.5% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,369,929 shares of the company's stock valued at $17,247,000 after acquiring an additional 295,383 shares during the last quarter. DKM Wealth Management Inc. acquired a new stake in shares of Cipher Mining during the 3rd quarter valued at approximately $157,000. Finally, Signal Advisors Wealth LLC lifted its stake in Cipher Mining by 41.2% during the third quarter. Signal Advisors Wealth LLC now owns 14,122 shares of the company's stock worth $178,000 after purchasing an additional 4,122 shares during the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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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