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 Cipher Mining stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the sale, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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 %

NASDAQ:CIFR opened at $6.42 on Friday. The company has a 50-day moving average of $4.46 and a 200-day moving average of $4.40. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. Cipher Mining Inc. has a twelve month low of $2.15 and a twelve month high of $7.99.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The business had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same period in the prior year, the company earned ($0.07) earnings per share. Equities analysts expect that Cipher Mining Inc. will post -0.18 earnings per share for the current year.

Institutional Investors Weigh In On Cipher Mining

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a research report on Friday, November 1st. Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Canaccord Genuity Group reissued a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Finally, Macquarie increased their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a report on Thursday, November 7th. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Cipher Mining has an average rating of “Buy” and a consensus 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.