Insider Selling: Cipher Mining Inc. (NASDAQ:CIFR) Major Shareholder Sells 1,901,112 Shares of Stock

Cipher Mining Inc. (NASDAQ:CIFR) major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $3.02, for a total value of $5,741,358.24. Following the completion of the sale, the insider now owns 107,748,228 shares in the company, valued at approximately $325,399,648.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Thursday, July 18th, Top Holdco B.V. Bitfury sold 609,644 shares of Cipher Mining stock. The shares were sold at an average price of $6.23, for a total value of $3,798,082.12.
• On Friday, June 28th, Top Holdco B.V. Bitfury sold 490,275 shares of Cipher Mining stock. The shares were sold at an average price of $4.12, for a total value of $2,019,933.00.
• On Wednesday, June 26th, Top Holdco B.V. Bitfury sold 466,915 shares of Cipher Mining stock. The shares were sold at an average price of $4.30, for a total value of $2,007,734.50.
• On Monday, June 24th, Top Holdco B.V. Bitfury sold 443,830 shares of Cipher Mining stock. The shares were sold at an average price of $4.33, for a total value of $1,921,783.90.
• On Thursday, June 20th, Top Holdco B.V. Bitfury sold 394,357 shares of Cipher Mining stock. The shares were sold at an average price of $5.54, for a total value of $2,184,737.78.
• On Monday, June 17th, Top Holdco B.V. Bitfury sold 376,320 shares of Cipher Mining stock. The shares were sold at an average price of $4.82, for a total value of $1,813,862.40.
• On Friday, June 14th, Top Holdco B.V. Bitfury sold 366,042 shares of Cipher Mining stock. The stock was sold at an average price of $5.00, for a total value of $1,830,210.00.
• On Wednesday, June 12th, Top Holdco B.V. Bitfury sold 336,377 shares of Cipher Mining stock. The stock was sold at an average price of $4.58, for a total value of $1,540,606.66.
• On Monday, June 10th, Top Holdco B.V. Bitfury sold 319,747 shares of Cipher Mining stock. The stock was sold at an average price of $4.21, for a total value of $1,346,134.87.

Cipher Mining Stock Performance

Shares of NASDAQ:CIFR traded down $0.19 during midday trading on Friday, hitting $2.70. The company had a trading volume of 8,368,042 shares, compared to its average volume of 8,865,310. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49. The company has a market cap of $837.08 million, a price-to-earnings ratio of 44.83 and a beta of 2.29. Cipher Mining Inc. has a 12-month low of $2.15 and a 12-month high of $7.99. The company has a fifty day moving average of $4.54 and a two-hundred day moving average of $4.21.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). The firm had revenue of $36.81 million during the quarter, compared to analyst estimates 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 posted ($0.05) EPS. On average, equities research analysts expect that Cipher Mining Inc. will post -0.05 EPS for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Cipher Mining by 62.0% in the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after buying an additional 2,164,383 shares in the last quarter. Millennium Management LLC increased its stake in Cipher Mining by 122.8% in the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after buying an additional 2,938,184 shares in the last quarter. Van ECK Associates Corp increased its stake in Cipher Mining by 0.8% in the 2nd quarter. Van ECK Associates Corp now owns 2,755,829 shares of the company’s stock worth $11,437,000 after buying an additional 22,086 shares in the last quarter. First Financial Bankshares Inc purchased a new stake in Cipher Mining in the 4th quarter worth $9,901,000. Finally, Vident Advisory LLC increased its stake in Cipher Mining by 94.9% in the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock worth $11,537,000 after buying an additional 1,090,811 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CIFR has been the topic of a number of research analyst reports. HC Wainwright upped their target price on Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 price target on shares of Cipher Mining in a research report on Tuesday. 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, Needham & Company LLC boosted their price target on Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $7.42.

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.