Cipher Mining Inc. (NASDAQ:CIFR) Major Shareholder Top Holdco B.V. Bitfury Sells 300,000 Shares

Cipher Mining Inc. (NASDAQ:CIFR) major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the transaction, the insider now directly owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. This trade represents a 0.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Monday, October 28th, Top Holdco B.V. Bitfury sold 1,000,000 shares of Cipher Mining stock. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00.
• On Monday, September 9th, Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock. The shares were 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 shares were sold at an average price of $2.74, for a total transaction 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 transaction of $5,741,358.24.

Cipher Mining Price Performance

Shares of Cipher Mining stock opened at $6.42 on Friday. The firm has a fifty day simple moving average of $4.46 and a 200-day simple moving average of $4.40. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. Cipher Mining Inc. has a 1-year low of $2.15 and a 1-year high of $7.99. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of -49.38 and a beta of 2.18.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. The firm had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. During the same quarter in the previous year, the firm posted ($0.07) earnings per share. On average, sell-side analysts expect that Cipher Mining Inc. will post -0.18 earnings per share for the current year.

Hedge Funds Weigh In On Cipher Mining

Several large investors have recently bought and sold shares of CIFR. Amalgamated Bank raised its stake in Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares during the last quarter. Farther Finance Advisors LLC bought a new stake in Cipher Mining in the 3rd quarter valued at $33,000. Xponance Inc. bought a new stake in Cipher Mining in the 2nd quarter valued at $45,000. W Advisors LLC bought a new stake in shares of Cipher Mining in the 3rd quarter worth about $45,000. Finally, Prospect Financial Services LLC bought a new stake in shares of Cipher Mining in the 3rd quarter worth about $47,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CIFR. Needham & Company LLC reaffirmed a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Canaccord Genuity Group reaffirmed a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Macquarie lifted their target price on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Finally, Northland Securities assumed coverage on shares of Cipher Mining in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 target price for the company. Seven research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Cipher Mining currently has an average rating of “Buy” and a consensus price target of $7.54.

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.