Insider Selling: Cipher Mining Inc. (NASDAQ:CIFR) COO Sells $380,632.76 in Stock

Cipher Mining Inc. (NASDAQ:CIFR) COO Patrick Arthur Kelly sold 53,161 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the sale, the chief operating officer now directly owns 664,270 shares of the company’s stock, valued at $4,756,173.20. The trade was a 7.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Patrick Arthur Kelly also recently made the following trade(s):

• On Tuesday, October 15th, Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock. The stock was sold at an average price of $4.37, for a total value of $392,172.54.

Cipher Mining Trading Down 3.0 %

Shares of NASDAQ CIFR opened at $6.42 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The stock’s 50 day moving average price is $4.46 and its two-hundred day moving average price is $4.40. Cipher Mining Inc. has a 52-week low of $2.15 and a 52-week high of $7.99.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results 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 net margin of 33.39% and a negative return on equity of 8.29%. The firm had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. During the same quarter last year, the firm posted ($0.07) earnings per share. As a group, equities research analysts predict that Cipher Mining Inc. will post -0.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Amalgamated Bank grew its position in shares of 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 buying an additional 4,557 shares during the last quarter. Farther Finance Advisors LLC bought a new stake in shares of Cipher Mining in the 3rd quarter worth approximately $33,000. Xponance Inc. acquired a new position in Cipher Mining during the 2nd quarter valued at approximately $45,000. W Advisors LLC acquired a new position in Cipher Mining during the 3rd quarter valued at approximately $45,000. Finally, Prospect Financial Services LLC bought a new position in Cipher Mining during the 3rd quarter worth $47,000. 12.26% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Compass Point boosted their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Northland Securities started coverage on Cipher Mining in a research report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a report on Friday, November 1st. Finally, Canaccord Genuity Group restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. Seven investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price 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.