Cipher Mining (NASDAQ:CIFR) Stock Price Down 12.1% After Insider Selling

Cipher Mining Inc. (NASDAQ:CIFR) fell 12.1% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $21.38 and last traded at $21.71. 50,948,242 shares traded hands during mid-day trading, an increase of 77% from the average session volume of 28,787,516 shares. The stock had previously closed at $24.71.

Specifically, insider William Iwaschuk sold 173,094 shares of the stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $22.52, for a total transaction of $3,898,076.88. Following the sale, the insider directly owned 1,054,488 shares of the company’s stock, valued at approximately $23,747,069.76. This represents a 14.10% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CIFR shares. HC Wainwright boosted their price target on Cipher Mining to $30.00 and gave the company a “buy” rating in a research note on Monday. Rosenblatt Securities upped their price target on shares of Cipher Mining to $33.00 and gave the stock a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. lifted their price objective on shares of Cipher Mining from $6.00 to $12.00 and gave the company a “neutral” rating in a research note on Friday, September 26th. Weiss Ratings restated a “sell (d+)” rating on shares of Cipher Mining in a research report on Tuesday, October 14th. Finally, Jones Trading assumed coverage on Cipher Mining in a report on Monday, July 21st. They issued a “hold” rating on the stock. Twelve equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $23.77.

Cipher Mining Stock Down 4.7%

The firm’s fifty day moving average price is $15.26 and its 200-day moving average price is $8.32. The company has a market capitalization of $8.17 billion, a price-to-earnings ratio of -114.94 and a beta of 2.91. The company has a debt-to-equity ratio of 1.31, a current ratio of 2.49 and a quick ratio of 4.18.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.07. The company had revenue of $71.71 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%. Sell-side analysts expect that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Sherman Asset Management Inc. acquired a new position in Cipher Mining in the 3rd quarter valued at approximately $25,000. Stoneridge Investment Partners LLC acquired a new position in shares of Cipher Mining during the first quarter worth $29,000. Hollencrest Capital Management bought a new stake in shares of Cipher Mining in the third quarter worth $31,000. Valeo Financial Advisors LLC acquired a new stake in Cipher Mining in the first quarter valued at $37,000. Finally, Peterson Wealth Services acquired a new stake in Cipher Mining in the third quarter valued at $41,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.