Key Points
- Major shareholder Holding Ltd V3 sold 1.8 million Cipher Mining shares on June 3 at an average price of $26.62, generating about $47.9 million. After the sale, it still held 59.5 million shares, a 2.94% reduction in its stake.
- Cipher Mining shares were trading lower, opening at $25.55 and down 2.6% on the day. The stock remains near its 12-month high of $28.62, but well above its 50-day and 200-day moving averages.
- Analysts remain cautiously positive despite weak recent results. Cipher Mining recently missed earnings and revenue estimates, though the consensus analyst rating is still “Moderate Buy” with an average price target of $27.69.
Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) major shareholder Holding Ltd V3 sold 1,800,000 shares of the company's stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $26.62, for a total value of $47,916,000.00. Following the completion of the transaction, the insider directly owned 59,516,694 shares of the company's stock, valued at approximately $1,584,334,394.28. This trade represents a 2.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.
Cipher Mining Trading Down 2.6%
Cipher Mining stock opened at $25.55 on Friday. The business has a 50 day moving average price of $18.96 and a two-hundred day moving average price of $17.25. The company has a quick ratio of 3.13, a current ratio of 3.13 and a debt-to-equity ratio of 6.13. The stock has a market cap of $10.45 billion, a price-to-earnings ratio of -10.97 and a beta of 3.18. Cipher Mining Inc. has a 12 month low of $3.29 and a 12 month high of $28.62.
Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). The firm had revenue of $34.84 million during the quarter, compared to analyst estimates of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The firm's revenue for the quarter was down 28.8% on a year-over-year basis. As a group, equities analysts forecast that Cipher Mining Inc. will post -0.8 EPS for the current year.
Hedge Funds Weigh In On Cipher Mining
Several institutional investors have recently bought and sold shares of CIFR. Vanguard Group Inc. raised its position in Cipher Mining by 43.2% in the 4th quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company's stock valued at $482,360,000 after purchasing an additional 9,865,533 shares during the last quarter. Voloridge Investment Management LLC bought a new position in Cipher Mining in the 3rd quarter valued at $70,524,000. Value Aligned Research Advisors LLC bought a new position in Cipher Mining in the 3rd quarter valued at $64,266,000. Situational Awareness LP raised its position in Cipher Mining by 82.4% in the 4th quarter. Situational Awareness LP now owns 10,469,093 shares of the company's stock valued at $154,524,000 after purchasing an additional 4,728,600 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in Cipher Mining by 3,718.3% in the 4th quarter. Janus Henderson Group PLC now owns 4,292,790 shares of the company's stock valued at $63,359,000 after purchasing an additional 4,180,362 shares during the last quarter. Institutional investors own 12.26% of the company's stock.
Analyst Ratings Changes
Several analysts recently commented on the company. BTIG Research reaffirmed a "buy" rating and issued a $25.00 price target on shares of Cipher Mining in a research note on Wednesday, May 6th. Keefe, Bruyette & Woods boosted their price target on Cipher Mining from $23.00 to $27.00 and gave the company an "outperform" rating in a research note on Thursday, May 7th. Zacks Research raised Cipher Mining from a "strong sell" rating to a "hold" rating in a research note on Wednesday, March 25th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cipher Mining in a research note on Friday, March 27th. Finally, Jefferies Financial Group assumed coverage on Cipher Mining in a research note on Thursday, May 14th. They issued a "buy" rating and a $32.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $27.69.
Check Out Our Latest Stock Report on Cipher Mining
About Cipher Mining
(
Get Free Report)
Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.
Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.
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