Cipher Mining (NASDAQ:CIFR) Shares Gap Down After Insider Selling

Cipher Mining Inc. (NASDAQ:CIFR) shares gapped down before the market opened on Tuesday after an insider sold shares in the company. The stock had previously closed at $18.80, but opened at $17.68. Cipher Mining shares last traded at $17.36, with a volume of 5,569,422 shares.

Specifically, COO Patrick Arthur Kelly sold 35,568 shares of the business’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $17.76, for a total transaction of $631,687.68. Following the transaction, the chief operating officer directly owned 1,512,644 shares in the company, valued at approximately $26,864,557.44. The trade was a 2.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Ratings Changes

A number of analysts have commented on CIFR shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cipher Mining in a research note on Monday, December 29th. Citizens Jmp began coverage on shares of Cipher Mining in a research note on Wednesday, November 19th. They issued an “outperform” rating and a $30.00 target price for the company. Needham & Company LLC lifted their price target on Cipher Mining from $15.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Canaccord Genuity Group reissued a “buy” rating and set a $27.00 price target on shares of Cipher Mining in a research report on Monday, December 15th. Finally, Arete Research initiated coverage on Cipher Mining in a research note on Wednesday, September 24th. They issued a “buy” rating and a $24.00 price objective on the stock. Twelve equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Cipher Mining presently has an average rating of “Moderate Buy” and an average target price of $24.73.

Cipher Mining Stock Performance

The company’s fifty day simple moving average is $16.92 and its two-hundred day simple moving average is $13.31. The company has a debt-to-equity ratio of 1.31, a quick ratio of 2.49 and a current ratio of 2.49. The stock has a market capitalization of $6.87 billion, a P/E ratio of -96.61 and a beta of 2.94.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Monday, November 3rd. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.07. The company had revenue of $106.69 million for the quarter, compared to the consensus estimate of $79.13 million. Cipher Mining had a negative return on equity of 9.57% and a negative net margin of 34.16%. As a group, equities analysts forecast that Cipher Mining Inc. will post -0.31 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CIFR. Millennium Management LLC bought a new stake in shares of Cipher Mining in the first quarter valued at about $9,316,000. Goldman Sachs Group Inc. raised its stake in Cipher Mining by 52.4% in the 1st 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 in the last quarter. Farther Finance Advisors LLC boosted its holdings in Cipher Mining by 33.6% in the 2nd quarter. Farther Finance Advisors LLC now owns 55,992 shares of the company’s stock valued at $268,000 after purchasing an additional 14,072 shares during the period. Greenleaf Trust bought a new stake in shares of Cipher Mining in the second quarter valued at approximately $108,000. Finally, Custos Family Office LLC acquired a new stake in shares of Cipher Mining during the 2nd quarter worth $48,000. Institutional investors own 12.26% of the company’s stock.

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.