Insider Selling: Cipher Mining (NASDAQ:CIFR) Director Sells 15,000 Shares

Cipher Mining Inc. (NASDAQ:CIFR) Director Cary Grossman sold 15,000 shares of the company’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $29.43, for a total value of $441,450.00. Following the sale, the director owned 143,829 shares of the company’s stock, valued at $4,232,887.47. This trade represents a 9.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Cipher Mining Stock Down 1.8%

NASDAQ CIFR traded down $0.50 on Tuesday, reaching $27.64. The company had a trading volume of 18,040,650 shares, compared to its average volume of 23,774,044. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13. The company’s fifty day moving average is $21.92 and its 200 day moving average is $18.02. Cipher Mining Inc. has a 52-week low of $3.63 and a 52-week high of $30.14. The stock has a market capitalization of $11.31 billion, a P/E ratio of -11.86 and a beta of 3.18.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The firm had revenue of $34.84 million for the quarter, compared to analysts’ expectations of $36.12 million. The firm’s revenue for the quarter was down 28.8% on a year-over-year basis. Sell-side analysts anticipate that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.

Institutional Trading of Cipher Mining

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Cipher Mining by 43.2% in the fourth quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock worth $482,360,000 after purchasing an additional 9,865,533 shares in the last quarter. Voloridge Investment Management LLC purchased a new stake in shares of Cipher Mining during the 3rd quarter valued at approximately $70,524,000. Value Aligned Research Advisors LLC bought a new position in Cipher Mining in the 3rd quarter worth approximately $64,266,000. Situational Awareness LP grew its stake in Cipher Mining by 82.4% in the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock valued at $154,524,000 after buying an additional 4,728,600 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in Cipher Mining by 3,718.3% in the 4th quarter. Janus Henderson Group PLC now owns 4,292,790 shares of the company’s stock valued at $63,359,000 after buying an additional 4,180,362 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Wall Street Zen lowered shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Sunday, March 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cipher Mining in a report on Friday, March 27th. Needham & Company LLC increased their price target on Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Cantor Fitzgerald dropped their price target on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, April 9th. Finally, Rosenblatt Securities boosted their price objective on Cipher Mining from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Cipher Mining presently has an average rating of “Moderate Buy” and a consensus price target of $27.69.

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.