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

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

Specifically, major shareholder Top Holdco B.V. Bitfury sold 308,973 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $3.72, for a total transaction of $1,149,379.56. Following the sale, the insider now owns 117,012,102 shares in the company, valued at $435,285,019.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 4,692,735 shares of company stock worth $20,486,934 over the last ninety days. 2.25% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on CIFR shares. HC Wainwright lifted their target price on Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Needham & Company LLC reiterated 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 began coverage on shares of Cipher Mining in a research note on Tuesday, June 11th. They set an “overweight” rating and a $9.00 target price for the company. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $6.00 price target (up from $5.50) on shares of Cipher Mining in a research note on Wednesday, May 8th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $6.25.

Cipher Mining Stock Performance

The company has a debt-to-equity ratio of 0.02, a quick ratio of 8.08 and a current ratio of 8.08. The company has a market cap of $1.44 billion, a P/E ratio of 77.50 and a beta of 2.29. The firm has a 50 day moving average price of $4.19 and a 200-day moving average price of $3.87.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.13 EPS for the quarter. Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%. The company had revenue of $48.14 million for the quarter, compared to the consensus estimate of $50.05 million.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CIFR. Exchange Traded Concepts LLC lifted its position in shares of Cipher Mining by 107.4% during the 4th quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock worth $2,862,000 after purchasing an additional 358,897 shares during the last quarter. Bellecapital International Ltd. bought a new position in Cipher Mining during the fourth quarter worth $51,000. Strategic Blueprint LLC acquired a new position in Cipher Mining during the 4th quarter valued at $62,000. Cerity Partners LLC bought a new stake in Cipher Mining in the 4th quarter valued at $63,000. Finally, Vontobel Holding Ltd. increased its holdings in shares of Cipher Mining by 117.4% during the 4th quarter. Vontobel Holding Ltd. now owns 126,656 shares of the company’s stock worth $523,000 after purchasing an additional 68,400 shares during the period. 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.