Insider Selling: Cipher Mining (NASDAQ:CIFR) CEO Sells $2,383,875.00 in Stock

Cipher Mining Inc. (NASDAQ:CIFR) CEO Tyler Page sold 112,500 shares of the business’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total transaction of $2,383,875.00. Following the completion of the transaction, the chief executive officer owned 9,084,225 shares of the company’s stock, valued at $192,494,727.75. This represents a 1.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Cipher Mining Stock Down 4.9%

Shares of NASDAQ:CIFR traded down $1.15 during trading on Friday, reaching $22.11. The stock had a trading volume of 16,447,125 shares, compared to its average volume of 27,138,375. The firm’s 50-day simple moving average is $23.07 and its 200 day simple moving average is $18.51. The company has a current ratio of 3.13, a quick ratio of 3.13 and a debt-to-equity ratio of 6.13. Cipher Mining Inc. has a one year low of $4.55 and a one year high of $30.14. The company has a market capitalization of $9.04 billion, a P/E ratio of -9.49 and a beta of 3.18.

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

Hedge Funds Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC acquired a new stake in Cipher Mining during the 1st quarter valued at approximately $9,316,000. Goldman Sachs Group Inc. increased its stake in shares of Cipher Mining by 52.4% in the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock worth $10,765,000 after acquiring an additional 1,610,073 shares during the period. Franklin Resources Inc. purchased a new position in shares of Cipher Mining during the second quarter worth $98,000. Prudential Financial Inc. lifted its position in Cipher Mining by 113.7% during the second quarter. Prudential Financial Inc. now owns 31,595 shares of the company’s stock valued at $151,000 after purchasing an additional 16,810 shares during the period. Finally, XTX Topco Ltd boosted its holdings in Cipher Mining by 65.2% in the second quarter. XTX Topco Ltd now owns 29,708 shares of the company’s stock valued at $142,000 after purchasing an additional 11,725 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Needham & Company LLC increased their price objective on Cipher Mining from $22.00 to $25.00 and gave the company a “buy” rating in a report on Friday, May 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cipher Mining in a research report on Wednesday, June 24th. Cantor Fitzgerald decreased their price target on Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Jefferies Financial Group began coverage on Cipher Mining in a research note on Thursday, May 14th. They issued a “buy” rating and a $32.00 price target for the company. Finally, Zacks Research raised Cipher Mining from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 25th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $28.31.

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.