Major Shareholder of Cipher Mining Sells Over 535,000 Shares

Cipher Mining Inc. experienced a significant transaction on October 16, 2023, when its major shareholder, Holding Ltd V3, sold 535,843 shares of the company. The shares were sold at an average price of $20.32, resulting in a total transaction value of $10,888,329.76. Following this sale, Holding Ltd V3 retained 61,316,694 shares, which are valued at approximately $1,245,955,222.08, marking a 0.87% reduction in their ownership stake.

This transaction was disclosed in a filing with the Securities and Exchange Commission (SEC), as large shareholders owning more than 10% of a company’s shares are mandated to publicly report their transactions.

Current Stock Performance and Analyst Ratings

Shares of Cipher Mining, traded under the ticker NASDAQ:CIFR, opened at $18.72 on Friday, reflecting an 11.0% decline. The company has seen its stock’s performance fluctuate, with a 50-day simple moving average of $10.75 and a 200-day simple moving average of $6.32. Cipher Mining boasts a market capitalization of $7.36 billion and a price-to-earnings (PE) ratio of -43.53, with a beta of 2.87. Over the past year, the stock has reached a low of $1.86 and a high of $22.00.

Recent reports from analysts have provided a mixed outlook for Cipher Mining. HC Wainwright raised its price target from $7.50 to $17.00 and assigned a “buy” rating. Northland Securities set a target price of $14.50, while Arete established a more optimistic target of $24.00 with a “buy” recommendation. Conversely, Weiss Ratings reiterated a “sell (d+)” rating. Currently, twelve analysts have rated the stock as a “buy,” two as a “hold,” and one as a “sell,” leading to an average target price of $17.68 according to data from MarketBeat.com.

Institutional Investment Trends

Recent trends indicate that institutional investors and hedge funds are actively adjusting their positions in Cipher Mining. For instance, Stoneridge Investment Partners LLC acquired a new stake in the first quarter valued at $29,000. FNY Investment Advisers LLC increased its holdings by 42.9%, owning 16,000 shares valued at $36,000 after acquiring an additional 4,800 shares.

Additionally, Valeo Financial Advisors LLC and Steward Partners Investment Advisory LLC also made strategic acquisitions, with the latter increasing its stake by 258.1% in the second quarter. Institutional ownership of Cipher Mining is currently at 12.26%.

Cipher Mining, incorporated in 2020 and based in New York, focuses on developing and operating industrial-scale bitcoin mining data centers across the United States. As a subsidiary of Bitfury Holding B.V., it plays a significant role in the growing cryptocurrency industry.

This recent activity among major shareholders and institutional investors illustrates the dynamic nature of Cipher Mining’s stock and highlights the company’s evolving landscape within the cryptocurrency mining sector.