Cipher Mining Inc. (CIFR) shares fell approximately 9% on Friday, May 15. The decline followed the disclosure of insider selling by COO Patrick Arthur Kelly. Kelly sold 48,000 shares on Tuesday, May 12, for a total of approximately $929,280. This transaction represented a 3.2% reduction in the executive's total position.
The stock's decline outpaced the broader downturn in the cryptocurrency market.
Analyst sentiment remains positive despite the recent price drop. Needham & Company reiterated a buy rating and raised its price target to $25.00. Jefferies Financial Group upgraded the stock to a strong-buy rating this week.