Insider Selling: Cipher Mining (NASDAQ:CIFR) Director Sells $441,750.00 in Stock

Cipher Mining Inc. (NASDAQ:CIFR) Director Cary Grossman sold 75,000 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $5.89, for a total transaction of $441,750.00. Following the transaction, the director directly owned 225,530 shares in the company, valued at $1,328,371.70. The trade was a 24.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Cipher Mining Trading Down 0.8%

Shares of Cipher Mining stock opened at $5.90 on Friday. Cipher Mining Inc. has a 1 year low of $1.86 and a 1 year high of $7.77. The company has a market capitalization of $2.32 billion, a P/E ratio of -13.72 and a beta of 2.73. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.18 and a current ratio of 4.18. The company’s fifty day moving average is $5.31 and its two-hundred day moving average is $4.16.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Thursday, August 7th. The company reported ($0.12) EPS for the quarter, hitting the consensus estimate of ($0.12). Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. The company had revenue of $43.57 million during the quarter, compared to analysts’ expectations of $51.89 million. Analysts forecast that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Analysts Set New Price Targets

CIFR has been the subject of several recent analyst reports. Macquarie raised their target price on shares of Cipher Mining from $6.00 to $8.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Cantor Fitzgerald raised their target price on shares of Cipher Mining from $4.00 to $6.00 and gave the stock an “overweight” rating in a research note on Thursday, June 5th. HC Wainwright restated a “buy” rating on shares of Cipher Mining in a research note on Tuesday, May 6th. Jones Trading initiated coverage on shares of Cipher Mining in a research note on Monday, July 21st. They issued a “hold” rating for the company. Finally, Canaccord Genuity Group raised their price objective on shares of Cipher Mining from $8.00 to $9.00 and gave the company a “buy” rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Cipher Mining currently has an average rating of “Moderate Buy” and a consensus price target of $7.67.

Institutional Trading of Cipher Mining

Several hedge funds and other institutional investors have recently made changes to their positions in CIFR. Wells Fargo & Company MN lifted its stake in shares of Cipher Mining by 56.3% in the fourth quarter. Wells Fargo & Company MN now owns 114,524 shares of the company’s stock valued at $531,000 after purchasing an additional 41,261 shares during the period. Russell Investments Group Ltd. raised its position in Cipher Mining by 17.4% during the fourth quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company’s stock worth $67,000 after acquiring an additional 2,149 shares during the last quarter. Legal & General Group Plc raised its position in Cipher Mining by 16.1% during the fourth quarter. Legal & General Group Plc now owns 223,903 shares of the company’s stock worth $1,039,000 after acquiring an additional 31,091 shares during the last quarter. Summit Investment Advisors Inc. raised its position in Cipher Mining by 25.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 21,187 shares of the company’s stock worth $98,000 after acquiring an additional 4,272 shares during the last quarter. Finally, Barclays PLC raised its position in Cipher Mining by 24.1% during the fourth quarter. Barclays PLC now owns 367,985 shares of the company’s stock worth $1,708,000 after acquiring an additional 71,492 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

About Cipher Mining

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.