Patrick Arthur Kelly Sells 53,161 Shares of Cipher Mining Inc. (NASDAQ:CIFR) Stock

Cipher Mining Inc. (NASDAQ:CIFR) COO Patrick Arthur Kelly sold 53,161 shares of the stock in a transaction on 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 in the company, valued at $4,756,173.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 transaction of $392,172.54.

Cipher Mining Trading Down 1.1 %

Shares of CIFR stock opened at $7.35 on Wednesday. Cipher Mining Inc. has a fifty-two week low of $2.15 and a fifty-two week high of $7.99. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $2.56 billion, a P/E ratio of -56.54 and a beta of 2.18. The stock has a 50-day simple moving average of $4.30 and a 200 day simple moving average of $4.37.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The business had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same quarter in the previous year, the firm earned ($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 fiscal year.

Institutional Investors Weigh In On Cipher Mining

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Cipher Mining by 62.0% during the first 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. Dark Forest Capital Management LP acquired a new stake in Cipher Mining during the 2nd quarter worth about $1,332,000. Swiss National Bank lifted its stake in Cipher Mining by 27.0% during the first quarter. Swiss National Bank now owns 125,600 shares of the company’s stock valued at $647,000 after buying an additional 26,700 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Cipher Mining by 243.2% in the second quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock worth $2,279,000 after buying an additional 389,079 shares during the period. Finally, Duncan Williams Asset Management LLC purchased a new position in shares of Cipher Mining in the third quarter worth approximately $553,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Northland Securities began coverage on Cipher Mining in a report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price objective for the company. Macquarie lifted their target price on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price objective on shares of Cipher Mining in a research note on Thursday, October 3rd. Finally, Compass Point increased their target price on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average 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.