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 the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total value of $1,980,000.00. Following the transaction, the insider now owns 98,747,588 shares in the company, valued at $651,734,080.80. This trade represents a 0.00 % 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 the SEC website. Major shareholders that own 10% or more 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 value 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 value of $5,209,046.88.
• On Wednesday, September 4th, Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock. The shares were sold at an average price of $3.02, for a total transaction of $5,741,358.24.

Cipher Mining Stock Down 3.4 %

Shares of Cipher Mining stock traded down $0.25 during midday trading on Tuesday, hitting $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 firm has a market capitalization of $2.50 billion, a P/E ratio of -57.15 and a beta of 2.18. Cipher Mining Inc. has a 1-year low of $2.15 and a 1-year high of $7.99. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock has a 50-day simple moving average of $4.30 and a 200-day simple moving average of $4.37.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The company had revenue of $24.10 million during the quarter, compared to analysts’ expectations of $25.84 million. During the same quarter in the previous year, the company earned ($0.07) EPS. As a group, sell-side analysts expect that Cipher Mining Inc. will post -0.18 earnings per share for the current year.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently made changes to their positions in CIFR. Vanguard Group Inc. raised its position in Cipher Mining by 62.0% during the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after acquiring an additional 2,164,383 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Cipher Mining by 122.8% in the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after purchasing an additional 2,938,184 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Cipher Mining by 41.5% in the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock worth $15,094,000 after purchasing an additional 1,144,390 shares in the last quarter. Vident Advisory LLC increased its position in Cipher Mining by 94.9% during the first 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 during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Cipher Mining by 243.2% during the second quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock valued at $2,279,000 after buying an additional 389,079 shares in the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. Macquarie boosted their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a report on Friday, November 1st. Northland Securities started coverage on Cipher Mining in a report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 target price on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a report on Thursday, October 3rd. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $7.54.

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.