Cipher Mining (NASDAQ:CIFR) Director Sells $282,917.91 in Stock

by · The Markets Daily

Cipher Mining Inc. (NASDAQ:CIFR – Get Free Report) Director Holly Morrow Evans sold 16,269 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $17.39, for a total value of $282,917.91. Following the transaction, the director directly owned 210,512 shares in the company, valued at $3,660,803.68. This trade represents a 7.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Cipher Mining Trading Down 3.8%

CIFR opened at $14.36 on Monday. The firm’s 50 day moving average is $16.18 and its 200-day moving average is $8.89. Cipher Mining Inc. has a 52-week low of $1.86 and a 52-week 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 firm has a market capitalization of $5.67 billion, a P/E ratio of -79.78 and a beta of 2.91.

Cipher Mining (NASDAQ:CIFR – Get Free Report) last released its quarterly earnings results on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.07. The business had revenue of $106.69 million during the quarter, compared to analyst estimates of $79.13 million. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. Analysts expect that Cipher Mining Inc. will post -0.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently added to or reduced their stakes in the stock. Sherman Asset Management Inc. bought a new position in shares of Cipher Mining during the third quarter worth about $25,000. Stoneridge Investment Partners LLC bought a new position in Cipher Mining in the 1st quarter worth approximately $29,000. Hollencrest Capital Management acquired a new stake in Cipher Mining in the 3rd quarter valued at approximately $31,000. Peterson Wealth Services bought a new stake in Cipher Mining during the 3rd quarter valued at $41,000. Finally, Steward Partners Investment Advisory LLC boosted its position in Cipher Mining by 258.1% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company’s stock worth $43,000 after acquiring an additional 6,516 shares during the period. 12.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CIFR has been the subject of several research analyst reports. Jones Trading began coverage on shares of Cipher Mining in a research report on Monday, July 21st. They set a “hold” rating for the company. Canaccord Genuity Group reissued a “buy” rating and set a $27.00 price objective (up from $16.00) on shares of Cipher Mining in a report on Tuesday, November 4th. HC Wainwright boosted their target price on shares of Cipher Mining to $30.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. BTIG Research reiterated a “buy” rating and issued a $25.00 price target on shares of Cipher Mining in a research note on Wednesday, November 5th. Finally, JPMorgan Chase & Co. lifted their target price on Cipher Mining from $6.00 to $12.00 and gave the stock a “neutral” rating in a research report on Friday, September 26th. Twelve investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.77.

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Cipher Mining Company Profile

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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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