The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Cipher Mining Inc shares valued at $29,500,000 were sold by Bitfury Top HoldCo B.V. on Nov 09 ’23. At $2.95 per share, Bitfury Top HoldCo B.V. sold 10,000,000 shares. The insider’s holdings dropped to 191,931,387 shares worth approximately $796.52 million following the completion of this transaction.
Also, Kelly Patrick Arthur sold 35,000 shares, netting a total of over 111,650 in proceeds. Following the sale of shares at $3.19 each, the insider now holds 235,351 shares.
Before that, Kelly Patrick Arthur had sold 15,000 shares from its account. In a trade valued at $49,800, the Co-President and COO traded Cipher Mining Inc shares for $3.32 each. Upon closing the transaction, the insider’s holdings decreased to 15,000 shares, worth approximately $1.12 million.
As published in their initiating research note from JP Morgan on October 11, 2023, Cipher Mining Inc [CIFR] has been a Neutral. Analysts at BTIG Research started covering the stock with ‘”a Buy”‘ outlook in a report released in mid September. As of June 06, 2023, Compass Point has initiated its “Buy” rating for CIFR. Earlier on April 25, 2023, Canaccord Genuity initiated its rating. Their recommendation was “a Buy” for CIFR stock.
Analyzing CIFR Stock Performance
During the last five days, there has been a drop of approximately -0.24%. Over the course of the year, Cipher Mining Inc shares have jumped approximately 0.48%. Shares of the company reached a 52-week high of $5.75 on 03/28/24 and a 52-week low of $2.15 on 01/25/24. A 50-day SMA is recorded $3.70, while a 200-day SMA reached $3.33. Nevertheless, trading volume fell to 6.92 million shares from 4.11 million shares the previous day.
Support And Resistance Levels for Cipher Mining Inc (CIFR)
According to the 24-hour chart, there is a support level at 3.95, which, if violated, would cause prices to drop to 3.74. In the upper region, resistance lies at 4.28. The next price resistance is at 4.41. RSI (Relative Strength Index) is 50.02 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.40, which suggests the price will decrease in the coming days. Percent R is at 85.33%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Cipher Mining Inc subject to short interest?
Stocks of Cipher Mining Inc saw a sharp rise in short interest on Mar 15, 2024 jumping by 4.21 million shares to 17.46 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 13.25 million shares. A jump of 24.11% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.86 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.86.
