Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report)'s share price gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $5.39, but opened at $5.07. Cipher Mining shares last traded at $5.13, with a volume of 569,959 shares changing hands.
Specifically, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the sale, the insider now directly owns 99,047,588 shares in the company, valued at $616,075,997.36. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
Analyst Ratings Changes
A number of equities analysts have recently commented on the company. Northland Capmk raised Cipher Mining to a "strong-buy" rating in a research report on Wednesday, September 25th. Macquarie started coverage on Cipher Mining in a research note on Tuesday, September 24th. They issued an "outperform" rating and a $6.00 price target on the stock. Needham & Company LLC increased their price objective on Cipher Mining from $5.00 to $7.50 and gave the company a "buy" rating in a report on Wednesday, August 14th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd. Finally, Stifel Canada upgraded shares of Cipher Mining to a "strong-buy" rating in a research report on Tuesday, August 6th. Seven research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $7.21.
Check Out Our Latest Analysis on CIFR
Cipher Mining Trading Down 0.9 %
The firm has a market capitalization of $1.79 billion, a PE ratio of 89.00 and a beta of 2.25. The business has a 50 day moving average price of $3.89 and a 200-day moving average price of $4.24. The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01.
Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, meeting analysts' consensus estimates of ($0.05). The firm had revenue of $36.81 million for the quarter, compared to analysts' expectations of $39.17 million. Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. During the same period in the prior year, the company earned ($0.05) EPS. Analysts expect that Cipher Mining Inc. will post -0.05 earnings per share for the current year.
Institutional Trading of Cipher Mining
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp lifted its stake in shares of Cipher Mining by 41.5% during the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company's stock valued at $15,094,000 after buying an additional 1,144,390 shares during the period. Farther Finance Advisors LLC acquired a new stake in Cipher Mining in the 3rd quarter worth about $33,000. W Advisors LLC purchased a new stake in Cipher Mining in the 3rd quarter valued at about $45,000. Sippican Capital Advisors acquired a new position in shares of Cipher Mining during the 3rd quarter valued at about $72,000. Finally, Strategic Blueprint LLC boosted its position in shares of Cipher Mining by 33.3% in the third quarter. Strategic Blueprint LLC now owns 20,000 shares of the company's stock worth $77,000 after acquiring an additional 5,000 shares during the last quarter. Hedge funds and other institutional investors own 12.26% of the company's stock.
Cipher Mining Company Profile
(
Get Free Report)
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.
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