Shares of Cipher Mining Inc. (NASDAQ:CIFR) experienced a notable decline before trading commenced on Thursday, falling from a previous close of $17.38 to an opening price of $16.65. The stock was last recorded at $16.38, with a trading volume of over 7.5 million shares.
Analyst Insights on Cipher Mining
The recent movement in Cipher Mining shares has prompted attention from several financial analysts. Needham & Company LLC raised its price target on the stock from $15.00 to $26.00, maintaining a “buy” rating in a report published on November 4, 2023. Similarly, Arete Research initiated coverage of Cipher Mining on September 24, issuing a “buy” rating with a price target of $24.00.
On the same date, Canaccord Genuity Group reaffirmed its “buy” rating, adjusting its price target from $16.00 to $27.00. Following closely, BTIG Research also reiterated a “buy” rating with a price target set at $25.00. Overall, the consensus among twelve analysts is a “Moderate Buy” rating with an average price target of $23.77, according to MarketBeat.com.
Quarterly Earnings and Insider Transactions
Cipher Mining’s financial performance was also revealed in its quarterly earnings report on November 3, 2023. The company reported an earnings per share (EPS) of ($0.01), surpassing analyst estimates of ($0.08) by $0.07. Revenue for the quarter reached $106.69 million, significantly exceeding the expected $79.13 million. Despite this positive revenue outlook, the company posted a negative return on equity of 9.57% and a negative net margin of 34.16%. Analysts project a further decline in earnings, estimating an EPS of ($0.31) for the current fiscal year.
The recent trading activity among insiders has also drawn interest. On November 12, 2023, Director Holly Morrow Evans sold 16,269 shares at an average price of $17.39, totaling approximately $282,917.91. Following this transaction, Evans retained 210,512 shares, valued at around $3.66 million, indicating a 7.17% decrease in her ownership.
Another director, Wesley Hastie Williams, sold 18,769 shares on the same day for an average of $17.51, amounting to about $328,645.19. Williams now holds 208,012 shares, worth approximately $3.64 million, reflecting an 8.28% decrease in his stake.
In the past 90 days, a total of 20,812,616 shares have been sold by company insiders, valued at around $280.3 million. Currently, insiders own 2.63% of Cipher Mining shares.
Institutional Investment Trends
Institutional interest has also fluctuated, with several large investors recently adjusting their stakes in Cipher Mining. Notably, Sherman Asset Management Inc. acquired a new stake valued at approximately $25,000 during the third quarter. Other firms, including Stoneridge Investment Partners LLC, Hollencrest Capital Management, and Peterson Wealth Services, have also made similar investments.
Steward Partners Investment Advisory LLC significantly increased its position by 258.1%, now owning 9,041 shares worth about $43,000 after purchasing an additional 6,516 shares. Currently, institutional investors hold 12.26% of Cipher Mining’s stock.
Established in 2020 and based in New York, Cipher Mining Inc. operates industrial-scale bitcoin mining data centers across the United States. The company is a subsidiary of Bitfury Holding B.V..
