Patrick Arthur Kelly Sells 35,568 Shares of Cipher Mining (NASDAQ:CIFR) Stock

Key Points

• Patrick Arthur Kelly, Cipher Mining's COO, sold 35,568 shares on March 16 at an average price of $14.98 for $532,808.64, leaving him with 1,441,508 shares (a 2.41% reduction, valued at ~$21.59M).
• The March sale follows an identical disposition on January 15 (35,568 shares sold at $17.76 for ~$631,688), signaling repeated insider selling this year.
• CIFR traded around $14.64 (down ~0.2%) with a market cap of ~$5.93B; analysts hold a consensus "Moderate Buy" and $23.68 average price target, while institutions (including a ~$53.3M stake by T. Rowe Price) have been building positions.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) COO Patrick Arthur Kelly sold 35,568 shares of the business's stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $14.98, for a total transaction of $532,808.64. Following the completion of the sale, the chief operating officer owned 1,441,508 shares of the company's stock, valued at approximately $21,593,789.84. This represents a 2.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

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

• On Thursday, January 15th, Patrick Arthur Kelly sold 35,568 shares of Cipher Mining stock. The shares were sold at an average price of $17.76, for a total transaction of $631,687.68.

Cipher Mining Stock Down 0.2%

CIFR stock traded down $0.03 during trading on Thursday, hitting $14.64. 18,826,937 shares of the company's stock traded hands, compared to its average volume of 29,459,465. The firm has a market capitalization of $5.93 billion, a P/E ratio of -6.78 and a beta of 2.96. Cipher Mining Inc. has a 1 year low of $1.86 and a 1 year high of $25.52. The company has a quick ratio of 3.79, a current ratio of 3.79 and a debt-to-equity ratio of 3.37. The business has a fifty day simple moving average of $16.13 and a two-hundred day simple moving average of $16.02.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Corient Private Wealth LLC purchased a new stake in shares of Cipher Mining during the fourth quarter worth about $614,000. Caitong International Asset Management Co. Ltd raised its position in shares of Cipher Mining by 63.6% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 101,179 shares of the company's stock valued at $1,493,000 after purchasing an additional 39,342 shares during the last quarter. Kera Capital Partners Inc. purchased a new position in shares of Cipher Mining in the 4th quarter valued at approximately $196,000. Virtu Financial LLC acquired a new stake in Cipher Mining in the 4th quarter worth approximately $249,000. Finally, T. Rowe Price Investment Management Inc. purchased a new stake in Cipher Mining during the 4th quarter worth approximately $53,315,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CIFR shares. Keefe, Bruyette & Woods reduced their price target on Cipher Mining from $22.00 to $20.00 and set an "outperform" rating for the company in a research report on Wednesday, March 11th. Zacks Research lowered Cipher Mining from a "hold" rating to a "strong sell" rating in a research note on Tuesday, February 24th. Citizens Jmp set a $30.00 target price on shares of Cipher Mining in a report on Wednesday, November 19th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $24.00 price objective on shares of Cipher Mining in a research report on Thursday. Finally, JPMorgan Chase & Co. upgraded shares of Cipher Mining from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $12.00 to $18.00 in a research note on Monday, November 24th. Fourteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Cipher Mining has an average rating of "Moderate Buy" and a consensus price target of $23.68.

Cipher Mining Company Profile

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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