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

Shares of Cipher Mining Inc. (NASDAQ:CIFR) gapped down prior to trading on Tuesday after an insider sold shares in the company. The stock had previously closed at $18.80, but opened at $17.68. Cipher Mining shares last traded at $17.36, with a volume of 5,569,422 shares trading hands.

Specifically, COO Patrick Arthur Kelly sold 35,568 shares of the company’s stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $17.76, for a total value of $631,687.68. Following the completion of the transaction, the chief operating officer directly owned 1,512,644 shares in the company, valued at approximately $26,864,557.44. This represents a 2.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Wall Street Analysts Forecast Growth

CIFR has been the topic of several analyst reports. BTIG Research reaffirmed a “buy” rating and issued a $25.00 target price on shares of Cipher Mining in a research note on Wednesday, November 5th. Wall Street Zen cut shares of Cipher Mining from a “hold” rating to a “sell” rating in a research report on Saturday, December 27th. Arete Research began coverage on shares of Cipher Mining in a report on Wednesday, September 24th. They set a “buy” rating and a $24.00 target price for the company. HC Wainwright raised their target price on Cipher Mining to $30.00 and gave the stock a “buy” rating in a research note on Monday, November 3rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a report on Monday, December 29th. Twelve analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining has a consensus rating of “Moderate Buy” and an average target price of $24.73.

Cipher Mining Stock Down 1.9%

The company’s fifty day simple moving average is $16.92 and its 200 day simple moving average is $13.31. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 1.31. The firm has a market capitalization of $6.87 billion, a PE ratio of -96.61 and a beta of 2.94.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results 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 analyst estimates of $79.13 million. Cipher Mining had a negative return on equity of 9.57% and a negative net margin of 34.16%. Analysts anticipate that Cipher Mining Inc. will post -0.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors have recently added to or reduced their stakes in CIFR. GAMMA Investing LLC increased its position in shares of Cipher Mining by 218.3% during the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after acquiring an additional 1,286 shares in the last quarter. Sherman Asset Management Inc. purchased a new stake in Cipher Mining during the 3rd quarter valued at $25,000. Hollencrest Capital Management bought a new stake in shares of Cipher Mining in the 3rd quarter worth $31,000. Peterson Wealth Services purchased a new position in shares of Cipher Mining in the third quarter worth $41,000. Finally, Flagship Harbor Advisors LLC purchased a new position in shares of Cipher Mining in the fourth quarter worth $55,000. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Company Profile

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.