Cipher Mining (NASDAQ:CIFR) Director Sells $99,962.80 in Stock

Cipher Mining Inc. (NASDAQ:CIFR) Director James Newsome sold 3,758 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $26.60, for a total value of $99,962.80. Following the completion of the transaction, the director owned 128,530 shares of the company’s stock, valued at $3,418,898. This trade represents a 2.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Cipher Mining Stock Performance

Shares of Cipher Mining stock traded up $2.78 during trading hours on Thursday, hitting $29.13. 39,324,184 shares of the company’s stock traded hands, compared to its average volume of 27,461,486. The stock has a market capitalization of $11.92 billion, a price-to-earnings ratio of -12.50 and a beta of 3.18. Cipher Mining Inc. has a 12-month low of $3.29 and a 12-month high of $30.01. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. The company has a fifty day simple moving average of $20.89 and a 200-day simple moving average of $17.75.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). The company had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $36.12 million. Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.Cipher Mining’s quarterly revenue was down 28.8% on a year-over-year basis. Equities research analysts anticipate that Cipher Mining Inc. will post -0.8 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Zacks Research upgraded shares of Cipher Mining from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 25th. Cantor Fitzgerald decreased their price target on shares of Cipher Mining from $24.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, April 9th. Sanford C. Bernstein assumed coverage on shares of Cipher Mining in a report on Wednesday, June 3rd. They issued an “outperform” rating and a $32.00 price target on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Cipher Mining from $23.00 to $27.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Finally, HC Wainwright upped their price objective on Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $27.69.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CIFR. Vanguard Group Inc. grew its stake in Cipher Mining by 13.4% in the 3rd quarter. Vanguard Group Inc. now owns 22,814,653 shares of the company’s stock valued at $287,236,000 after buying an additional 2,699,717 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Cipher Mining by 138.2% during the third quarter. American Century Companies Inc. now owns 1,406,864 shares of the company’s stock worth $17,712,000 after acquiring an additional 816,198 shares in the last quarter. HighTower Advisors LLC lifted its position in shares of Cipher Mining by 16.6% during the fourth quarter. HighTower Advisors LLC now owns 671,775 shares of the company’s stock worth $9,915,000 after acquiring an additional 95,686 shares in the last quarter. Foundations Investment Advisors LLC bought a new position in shares of Cipher Mining in the fourth quarter worth $667,000. Finally, Tyche Wealth Partners LLC boosted its holdings in shares of Cipher Mining by 119.0% in the fourth quarter. Tyche Wealth Partners LLC now owns 115,000 shares of the company’s stock worth $1,697,000 after acquiring an additional 62,500 shares during the period. Institutional investors own 12.26% of the company’s stock.

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.