Cipher Mining (NASDAQ:CIFR) Trading Down 7.3% After Insider Selling

Cipher Mining Inc. (NASDAQ:CIFR)’s share price dropped 7.3% during mid-day trading on Monday following insider selling activity. The company traded as low as $20.69 and last traded at $20.5020. 6,666,505 shares changed hands during trading, a decline of 75% from the average daily volume of 26,979,107 shares. The stock had previously closed at $22.11.

Specifically, CEO Tyler Page sold 112,500 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $21.19, for a total value of $2,383,875.00. Following the transaction, the chief executive officer owned 9,084,225 shares of the company’s stock, valued at $192,494,727.75. This trade represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analysts Forecast Growth

CIFR has been the subject of a number of recent research reports. Rosenblatt Securities reiterated a “buy” rating and set a $30.00 price objective on shares of Cipher Mining in a research note on Thursday, June 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cipher Mining in a report on Wednesday, June 24th. Jefferies Financial Group started coverage on shares of Cipher Mining in a research report on Thursday, May 14th. They issued a “buy” rating and a $32.00 price target for the company. Cantor Fitzgerald reduced their price objective on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Finally, Needham & Company LLC increased their price objective on shares of Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $28.31.

Cipher Mining Stock Performance

The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13. The business has a 50 day moving average price of $23.17 and a two-hundred day moving average price of $18.55. The stock has a market cap of $8.42 billion, a P/E ratio of -8.84 and a beta of 3.18.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The business had revenue of $34.84 million for the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining’s revenue was down 28.8% on a year-over-year basis. On average, sell-side analysts forecast that Cipher Mining Inc. will post -0.8 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Cipher Mining by 43.2% in the 4th quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock valued at $482,360,000 after purchasing an additional 9,865,533 shares during the last quarter. Situational Awareness LP grew its stake in Cipher Mining by 82.4% in the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company’s stock worth $154,524,000 after acquiring an additional 4,728,600 shares in the last quarter. Geode Capital Management LLC grew its stake in Cipher Mining by 7.3% in the fourth quarter. Geode Capital Management LLC now owns 8,164,226 shares of the company’s stock worth $120,519,000 after purchasing an additional 558,105 shares in the last quarter. State Street Corp increased its holdings in Cipher Mining by 10.2% during the 4th quarter. State Street Corp now owns 8,078,423 shares of the company’s stock worth $119,238,000 after purchasing an additional 745,030 shares during the period. Finally, Value Aligned Research Advisors LLC increased its holdings in Cipher Mining by 45.9% during the 4th quarter. Value Aligned Research Advisors LLC now owns 7,447,495 shares of the company’s stock worth $109,925,000 after purchasing an additional 2,342,958 shares during the period. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.