Cipher Mining Inc. (NASDAQ: CIFR) experienced a notable decline in its stock price before trading began on Thursday, November 3, 2023. The share price fell from a previous closing of $17.38 to an opening price of $16.65. By the end of the trading session, shares were valued at $16.38, with a trading volume of 7,571,325 shares.
Analysts Adjust Price Targets
The stock’s performance has prompted several analysts to reassess their ratings and price targets. On November 3, Needham & Company LLC raised their price objective for Cipher Mining from $15.00 to $26.00, issuing a “buy” rating. Similarly, Canaccord Genuity Group reissued a “buy” rating with an increased target price of $27.00, up from $16.00. BTIG Research also reaffirmed its “buy” rating and set a price target of $25.00.
According to MarketBeat.com, a total of twelve analysts have rated Cipher Mining with a “buy” rating, while two analysts have issued a “hold” rating and one has provided a “sell” rating. The consensus rating is classified as a “Moderate Buy,” with an average price target of $23.77.
Recent Earnings and Insider Activity
Cipher Mining reported its quarterly earnings on November 3, revealing earnings per share (EPS) of ($0.01), surpassing the consensus estimate of ($0.08) by $0.07. The company also reported revenue of $106.69 million, significantly exceeding analyst expectations of $79.13 million. Despite this positive revenue performance, Cipher Mining noted a negative return on equity of 9.57% and a net margin of 34.16%. Analysts anticipate that the company will post ($0.31) EPS for the current fiscal year.
In an interesting turn of events, insider trading activity has caught the attention of investors. On November 12, Director Holly Morrow Evans sold 16,269 shares at an average price of $17.39, totaling approximately $282,917.91. This transaction reduced her ownership to 210,512 shares, valued at about $3,660,803.68. Similarly, Director Wesley Hastie Williams sold 18,769 shares at an average price of $17.51, amounting to around $328,645.19 and reducing his holdings to 208,012 shares, valued at approximately $3,642,290.12.
Over the last 90 days, insiders have sold a total of 20,812,616 shares, worth $280,307,675, with insiders currently owning 2.63% of the company’s stock.
Institutional Investment Trends
Cipher Mining’s stock has attracted interest from various institutional investors. In the third quarter, Sherman Asset Management Inc. acquired a new stake valued at about $25,000, while Stoneridge Investment Partners LLC purchased a new position worth approximately $29,000. Hollencrest Capital Management and Peterson Wealth Services also made new investments during the same period, valued at around $31,000 and $41,000, respectively. Steward Partners Investment Advisory LLC increased its stake significantly by 258.1%, now owning 9,041 shares worth $43,000.
Currently, institutional investors hold 12.26% of Cipher Mining’s stock.
Cipher Mining, based in New York, engages in the development and operation of industrial-scale bitcoin mining data centers and was incorporated in 2020. The company operates as a subsidiary of Bitfury Holding B.V.
