Cipher Mining (NASDAQ:CIFR) Stock Price Down 4% on Insider Selling

Cipher Mining Inc. (NASDAQ:CIFR)’s share price dropped 4% during trading on Tuesday following insider selling activity. The company traded as low as $4.52 and last traded at $4.53. Approximately 2,750,202 shares traded hands during trading, a decline of 69% from the average daily volume of 8,777,682 shares. The stock had previously closed at $4.72.

Specifically, major shareholder Top Holdco B.V. Bitfury sold 294,811 shares of Cipher Mining stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $4.08, for a total value of $1,202,828.88. Following the transaction, the insider now directly owns 118,519,768 shares of the company’s stock, valued at approximately $483,560,653.44. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have sold a total of 4,692,735 shares of company stock valued at $20,486,934 in the last three months. Company insiders own 2.25% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Cipher Mining Stock Down 4.0 %

The company has a quick ratio of 8.08, a current ratio of 8.08 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $1.40 billion, a P/E ratio of 78.68 and a beta of 2.29. The firm has a fifty day simple moving average of $4.20 and a 200-day simple moving average of $3.85.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $0.13 earnings per share for the quarter. The company had revenue of $48.14 million during the quarter, compared to analysts’ expectations of $50.05 million. Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Barclays PLC boosted its position in Cipher Mining by 93.4% during the third quarter. Barclays PLC now owns 15,982 shares of the company’s stock valued at $37,000 after purchasing an additional 7,720 shares during the last quarter. Exchange Traded Concepts LLC boosted its position in Cipher Mining by 107.4% during the fourth quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock valued at $2,862,000 after purchasing an additional 358,897 shares during the last quarter. Bellecapital International Ltd. acquired a new position in Cipher Mining during the fourth quarter valued at approximately $51,000. Strategic Blueprint LLC acquired a new position in Cipher Mining during the fourth quarter valued at approximately $62,000. Finally, Cerity Partners LLC acquired a new position in Cipher Mining during the fourth quarter valued at approximately $63,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.