Cipher Mining Inc. (NASDAQ:CIFR) Major Shareholder Sells $1,980,000.00 in Stock

Cipher Mining Inc. (NASDAQ:CIFR) major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the transaction, the insider now directly owns 98,747,588 shares of the company’s stock, valued at $651,734,080.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Top Holdco B.V. Bitfury also recently made the following trade(s):

• On Monday, October 28th, Top Holdco B.V. Bitfury sold 1,000,000 shares of Cipher Mining stock. The shares were sold at an average price of $6.22, for a total transaction of $6,220,000.00.
• On Monday, September 9th, Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock. The shares were sold at an average price of $2.87, for a total transaction of $5,456,191.44.
• On Friday, September 6th, Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock. The stock was sold at an average price of $2.74, for a total transaction of $5,209,046.88.
• On Wednesday, September 4th, Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock. The stock was sold at an average price of $3.02, for a total transaction of $5,741,358.24.

Cipher Mining Price Performance

NASDAQ CIFR traded down $0.25 during trading hours on Tuesday, reaching $7.18. The company’s stock had a trading volume of 2,768,632 shares, compared to its average volume of 9,326,612. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The company’s 50-day moving average is $4.30 and its two-hundred day moving average is $4.37. Cipher Mining Inc. has a fifty-two week low of $2.15 and a fifty-two week high of $7.99. The stock has a market cap of $2.50 billion, a PE ratio of -57.15 and a beta of 2.18.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The company had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. During the same period in the previous year, the business earned ($0.07) EPS. Analysts forecast that Cipher Mining Inc. will post -0.18 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have issued reports on CIFR. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a report on Thursday, October 3rd. Northland Securities began coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 target price on the stock. Compass Point upped their price target on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $7.50 target price on shares of Cipher Mining in a research note on Friday, November 1st. Seven research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $7.54.

Institutional Trading of Cipher Mining

A number of hedge funds have recently added to or reduced their stakes in CIFR. Amalgamated Bank raised its position in Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares during the period. Farther Finance Advisors LLC acquired a new position in shares of Cipher Mining in the third quarter worth about $33,000. Janney Montgomery Scott LLC purchased a new position in Cipher Mining in the first quarter valued at about $52,000. Xponance Inc. purchased a new stake in Cipher Mining during the 2nd quarter worth approximately $45,000. Finally, Price T Rowe Associates Inc. MD acquired a new stake in Cipher Mining in the first quarter valued at $59,000. 12.26% of the stock is owned by institutional investors and hedge funds.

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.