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

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading on Monday following insider selling activity. The stock had previously closed at $4.56, but opened at $4.27. Cipher Mining shares last traded at $4.37, with a volume of 1,332,730 shares changing hands.

Specifically, major shareholder Top Holdco B.V. Bitfury sold 296,357 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $3.99, for a total transaction of $1,182,464.43. Following the transaction, the insider now owns 118,223,411 shares of the company’s stock, valued at $471,711,409.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 3,291,715 shares of company stock valued at $14,537,483 in the last ninety days. Corporate insiders own 2.25% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on CIFR shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 price target on shares of Cipher Mining in a report on Friday, June 7th. HC Wainwright upped their target price on Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Canaccord Genuity Group reiterated a “buy” rating and set a $6.00 price target (up from $5.50) on shares of Cipher Mining in a research report on Wednesday, May 8th. Finally, Cantor Fitzgerald assumed coverage on Cipher Mining in a research report on Tuesday, June 11th. They set an “overweight” rating and a $9.00 price objective for the company. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Cipher Mining has an average rating of “Moderate Buy” and an average price target of $6.25.

Cipher Mining Price Performance

The business has a fifty day moving average of $4.16 and a 200-day moving average of $3.80. The company has a debt-to-equity ratio of 0.02, a quick ratio of 8.08 and a current ratio of 8.08. The firm has a market capitalization of $1.31 billion, a P/E ratio of 70.68 and a beta of 2.28.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.13 EPS for the quarter. The company had revenue of $48.14 million for the quarter, compared to analyst estimates of $50.05 million. Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%.

Institutional Trading of Cipher Mining

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. First Financial Bankshares Inc acquired a new position in shares of Cipher Mining during the fourth quarter valued at approximately $9,901,000. Vanguard Group Inc. increased its position in shares of Cipher Mining by 62.0% during the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after purchasing an additional 2,164,383 shares during the period. Vident Advisory LLC raised its stake in shares of Cipher Mining by 94.9% in the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock worth $11,537,000 after buying an additional 1,090,811 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Cipher Mining by 38.9% in the first quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock valued at $14,079,000 after buying an additional 765,238 shares during the period. Finally, Shariaportfolio Inc. bought a new position in Cipher Mining during the fourth quarter valued at about $2,460,000. 12.26% of the stock is currently owned by institutional investors.

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.