Insider Selling: Cipher Mining (NASDAQ:CIFR) COO Sells $631,687.68 in Stock

Cipher Mining Inc. (NASDAQ:CIFR) COO Patrick Arthur Kelly sold 35,568 shares of the company’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $17.76, for a total value of $631,687.68. Following the sale, the chief operating officer owned 1,512,644 shares of the company’s stock, valued at $26,864,557.44. This trade represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Patrick Arthur Kelly also recently made the following trade(s):

• On Monday, December 15th, Patrick Arthur Kelly sold 35,569 shares of Cipher Mining stock. The shares were sold at an average price of $15.08, for a total value of $536,380.52.
• On Monday, November 17th, Patrick Arthur Kelly sold 26,580 shares of Cipher Mining stock. The stock was sold at an average price of $14.20, for a total transaction of $377,436.00.
• On Monday, November 17th, Patrick Arthur Kelly sold 26,580 shares of Cipher Mining stock. The shares were sold at an average price of $14.20, for a total transaction of $377,436.00.

Cipher Mining Stock Down 1.9%

Shares of Cipher Mining stock opened at $17.39 on Friday. 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 company has a market cap of $6.87 billion, a P/E ratio of -96.61 and a beta of 2.94. The firm’s 50 day moving average price is $16.92 and its 200-day moving average price is $13.31. Cipher Mining Inc. has a 52-week low of $1.86 and a 52-week high of $25.52.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Monday, November 3rd. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.07. The company had revenue of $106.69 million during the quarter, compared to analysts’ expectations of $79.13 million. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. On average, sell-side analysts predict that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Cipher Mining in a research note on Monday, December 29th. Citizens Jmp started coverage on Cipher Mining in a research note on Wednesday, November 19th. They set an “outperform” rating and a $30.00 price target on the stock. Wells Fargo & Company set a $18.00 price objective on shares of Cipher Mining in a report on Monday, November 24th. Wall Street Zen cut shares of Cipher Mining from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th. Finally, JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $12.00 to $18.00 in a research report on Monday, November 24th. Twelve investment 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 MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.73.

Institutional Investors Weigh In On Cipher Mining

Institutional investors and hedge funds have recently modified their holdings of the company. Voloridge Investment Management LLC acquired a new position in Cipher Mining in the 3rd quarter worth approximately $70,524,000. Value Aligned Research Advisors LLC purchased a new stake in shares of Cipher Mining in the 3rd quarter valued at $64,266,000. Millennium Management LLC acquired a new stake in shares of Cipher Mining in the first quarter worth $9,316,000. Vanguard Group Inc. raised its holdings in shares of Cipher Mining by 13.4% during the third quarter. Vanguard Group Inc. now owns 22,814,653 shares of the company’s stock worth $287,236,000 after purchasing an additional 2,699,717 shares during the last quarter. Finally, Two Sigma Investments LP raised its holdings in shares of Cipher Mining by 64.9% during the third quarter. Two Sigma Investments LP now owns 6,746,401 shares of the company’s stock worth $84,937,000 after purchasing an additional 2,655,015 shares during the last quarter. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.