Cipher Mining (NASDAQ:CIFR) Trading Down 2.4% After Insider Selling

Cipher Mining Inc. (NASDAQ:CIFR) fell 2.4% on Friday following insider selling activity. The stock traded as low as $4.02 and last traded at $4.04. 1,428,148 shares were traded during mid-day trading, a decline of 84% from the average session volume of 9,011,600 shares. The stock had previously closed at $4.14.

Specifically, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total value of $591,000.00. Following the completion of the sale, the insider now owns 619,148 shares of the company’s stock, valued at $2,439,443.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Northland Securities assumed coverage on shares of Cipher Mining in a report on Wednesday. They issued an “outperform” rating and a $6.00 price target for the company. Compass Point upped their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. HC Wainwright upped their price objective on shares of Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research report on Thursday, August 29th. Finally, Stifel Canada raised shares of Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. One analyst has rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Cipher Mining has an average rating of “Buy” and a consensus target price of $7.21.

Cipher Mining Stock Down 0.7 %

The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $1.27 billion, a P/E ratio of 68.50 and a beta of 2.24. The firm has a 50-day moving average price of $3.97 and a two-hundred day moving average price of $4.20.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $36.81 million during the quarter, compared to analysts’ expectations of $39.17 million. Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. During the same period in the prior year, the business earned ($0.05) earnings per share. Equities research analysts anticipate that Cipher Mining Inc. will post -0.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Amalgamated Bank lifted its holdings in shares of Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after acquiring an additional 4,557 shares during the period. Xponance Inc. bought a new position in shares of Cipher Mining during the second quarter valued at $45,000. Janney Montgomery Scott LLC bought a new position in shares of Cipher Mining during the first quarter valued at $52,000. Price T Rowe Associates Inc. MD bought a new position in shares of Cipher Mining during the first quarter valued at $59,000. Finally, B. Riley Wealth Advisors Inc. lifted its holdings in shares of Cipher Mining by 50.0% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock valued at $62,000 after acquiring an additional 5,000 shares during the period. 12.26% of the stock is 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.