Patrick Arthur Kelly Sells 89,742 Shares of Cipher Mining Inc. (NASDAQ:CIFR) Stock

Cipher Mining Inc. (NASDAQ:CIFR) COO Patrick Arthur Kelly sold 89,742 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the transaction, the chief operating officer now directly owns 717,431 shares in the company, valued at $3,135,173.47. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Cipher Mining Stock Performance

CIFR stock opened at $4.97 on Friday. 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 $1.54 billion, a price-to-earnings ratio of 82.83 and a beta of 2.25. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49. The stock’s fifty day moving average is $3.67 and its two-hundred day moving average is $4.18.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. The firm had revenue of $36.81 million for the quarter, compared to the consensus estimate of $39.17 million. During the same period last year, the firm posted ($0.05) EPS. On average, research analysts predict that Cipher Mining Inc. will post -0.04 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CIFR shares. Compass Point upped their price objective on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Northland Securities initiated coverage on Cipher Mining in a research note on Wednesday, September 25th. They set an “outperform” rating and a $6.00 price objective on the stock. Macquarie assumed coverage on shares of Cipher Mining in a report on Tuesday, September 24th. They issued an “outperform” rating and a $6.00 price objective for the company. Canaccord Genuity Group reissued a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a report on Thursday, August 29th. Finally, Needham & Company LLC lifted their price target on shares of Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a report on Wednesday, August 14th. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $7.21.

Hedge Funds Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently made changes to their positions in CIFR. Vanguard Group Inc. raised its stake in Cipher Mining by 62.0% during the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after acquiring an additional 2,164,383 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Cipher Mining by 38.9% during the first quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock valued at $14,079,000 after purchasing an additional 765,238 shares during the period. Dark Forest Capital Management LP bought a new stake in shares of Cipher Mining during the second quarter valued at about $1,332,000. Swiss National Bank raised its stake in shares of 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 purchasing an additional 26,700 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in 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 purchasing an additional 389,079 shares during the period. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.