Cipher Mining (NASDAQ:CIFR) Stock Price Down 7% Following Insider Selling

Cipher Mining Inc. (NASDAQ:CIFR) dropped 7% on Wednesday following insider selling activity. The company traded as low as $16.86 and last traded at $16.6690. Approximately 23,867,758 shares changed hands during mid-day trading, a decline of 12% from the average daily volume of 27,137,357 shares. The stock had previously closed at $17.92.

Specifically, COO Patrick Arthur Kelly sold 35,568 shares of Cipher Mining stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $17.76, for a total transaction of $631,687.68. Following the completion of the sale, the chief operating officer owned 1,512,644 shares of the company’s stock, valued at approximately $26,864,557.44. The trade was a 2.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CIFR shares. Arete Research began coverage on Cipher Mining in a report on Wednesday, September 24th. They set a “buy” rating and a $24.00 target price for the company. Wells Fargo & Company set a $18.00 price target on shares of Cipher Mining in a report on Monday, November 24th. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $12.00 to $18.00 in a report on Monday, November 24th. Rosenblatt Securities lifted their target price on shares of Cipher Mining to $33.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Finally, HC Wainwright raised their price target on shares of Cipher Mining to $30.00 and gave the company a “buy” rating in a research report on Monday, November 3rd. Twelve equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.73.

Cipher Mining Stock Down 7.5%

The business has a 50 day simple moving average of $16.86 and a 200-day simple moving average of $13.25. The company has a debt-to-equity ratio of 1.31, a quick ratio of 2.49 and a current ratio of 2.49. The firm has a market capitalization of $6.55 billion, a price-to-earnings ratio of -92.32 and a beta of 2.94.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.07. The firm had revenue of $106.69 million during the quarter, compared to analysts’ expectations of $79.13 million. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. On average, equities analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current year.

Institutional Trading of Cipher Mining

Institutional investors have recently made changes to their positions in the company. Flagship Harbor Advisors LLC acquired a new position in Cipher Mining in the fourth quarter valued at approximately $55,000. Rathbones Group PLC purchased a new stake in Cipher Mining in the fourth quarter valued at $159,000. Formidable Asset Management LLC acquired a new position in shares of Cipher Mining in the 4th quarter valued at $659,000. Blue Trust Inc. purchased a new position in shares of Cipher Mining during the 4th quarter worth $82,000. Finally, Lodestone Wealth Management LLC acquired a new stake in shares of Cipher Mining during the 4th quarter worth about $77,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.