Cipher Mining Inc. (NASDAQ:CIFR) Major Shareholder Sells $6,220,000.00 in Stock

Cipher Mining Inc. (NASDAQ:CIFR) major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Top Holdco B.V. Bitfury also recently made the following trade(s):

• On Monday, September 9th, Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock. The stock was sold at an average price of $2.87, for a total transaction 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 value of $5,741,358.24.

Cipher Mining Trading Down 6.6 %

NASDAQ:CIFR opened at $4.93 on Friday. The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average is $3.94 and its two-hundred day moving average is $4.25. Cipher Mining Inc. has a 52 week low of $2.15 and a 52 week high of $7.99. The company has a market cap of $1.65 billion, a PE ratio of 82.17 and a beta of 2.25.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). The company had revenue of $36.81 million for the quarter, compared to the consensus estimate of $39.17 million. Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. During the same quarter last year, the business posted ($0.05) EPS. On average, analysts predict that Cipher Mining Inc. will post -0.05 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CIFR shares. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Northland Securities started coverage on Cipher Mining in a report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price target for the company. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Thursday, August 29th. Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd. Finally, Northland Capmk raised Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Seven research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Cipher Mining has an average rating of “Buy” and a consensus price target of $7.21.

Institutional Trading of Cipher Mining

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Cipher Mining by 62.0% during the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after purchasing an additional 2,164,383 shares during the period. Van ECK Associates Corp raised its position in shares of Cipher Mining by 38.9% during the 1st quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock worth $14,079,000 after purchasing an additional 765,238 shares during the period. Dark Forest Capital Management LP acquired a new stake in shares of Cipher Mining during the 2nd quarter worth approximately $1,332,000. Swiss National Bank raised its position in shares of Cipher Mining by 27.0% during the 1st quarter. Swiss National Bank now owns 125,600 shares of the company’s stock worth $647,000 after purchasing an additional 26,700 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Cipher Mining by 243.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock worth $2,279,000 after purchasing an additional 389,079 shares during the period. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Company Profile

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.