Insider Selling: Cipher Mining (NASDAQ:CIFR) Director Sells 18,769 Shares of Stock

Cipher Mining Inc. (NASDAQ:CIFR) Director Wesley Hastie Williams sold 18,769 shares of Cipher Mining stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $17.51, for a total value of $328,645.19. Following the sale, the director directly owned 208,012 shares of the company’s stock, valued at approximately $3,642,290.12. This represents a 8.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Cipher Mining Trading Down 3.8%

Shares of CIFR stock traded down $0.57 during mid-day trading on Friday, reaching $14.36. The stock had a trading volume of 56,729,730 shares, compared to its average volume of 49,707,740. Cipher Mining Inc. has a 1-year low of $1.86 and a 1-year high of $25.52. 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 business’s fifty day moving average is $16.18 and its 200-day moving average is $8.81.

Cipher Mining (NASDAQ:CIFR) last issued 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. Cipher Mining had a negative return on equity of 9.57% and a negative net margin of 34.16%.The firm had revenue of $106.69 million for the quarter, compared to analyst estimates of $79.13 million. As a group, research analysts expect that Cipher Mining Inc. will post -0.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CIFR. JPMorgan Chase & Co. boosted their target price on shares of Cipher Mining from $6.00 to $12.00 and gave the company a “neutral” rating in a research report on Friday, September 26th. Needham & Company LLC lifted their price objective on Cipher Mining from $15.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. HC Wainwright boosted their price objective on Cipher Mining to $30.00 and gave the company a “buy” rating in a report on Monday, November 3rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cipher Mining in a report on Tuesday. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $27.00 price target (up from $16.00) on shares of Cipher Mining in a research report on Tuesday, November 4th. Twelve research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Cipher Mining presently has an average rating of “Moderate Buy” and an average price target of $23.77.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors have recently modified their holdings of CIFR. Sherman Asset Management Inc. acquired a new position in Cipher Mining in the 3rd quarter worth about $25,000. Stoneridge Investment Partners LLC acquired a new position in Cipher Mining during the first quarter worth $29,000. Hollencrest Capital Management acquired a new position in Cipher Mining during the third quarter worth $31,000. Peterson Wealth Services purchased a new position in Cipher Mining during the third quarter valued at $41,000. Finally, Steward Partners Investment Advisory LLC grew its position in shares of Cipher Mining by 258.1% in the second quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company’s stock valued at $43,000 after purchasing an additional 6,516 shares during the period. 12.26% of the stock is currently 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.