Canaccord Genuity Group has reiterated its buy rating on shares of Cipher Mining Inc. (NASDAQ: CIFR) in a research report released on Monday. The firm has set a target price of $27.00 for the stock, which has attracted attention from various analysts recently.
In a series of reports, several financial institutions have increased their price targets for Cipher Mining. Notably, Needham & Company LLC raised its target from $15.00 to $26.00, maintaining a buy rating as of November 4, 2023. Citizens JMP initiated coverage on Cipher Mining, assigning an “outperform” rating with a target price of $30.00 on November 19, 2023. Additionally, JPMorgan Chase & Co. upgraded its rating from neutral to overweight, increasing its price target from $12.00 to $18.00 in a report dated November 24, 2023. HC Wainwright also raised its target to $30.00, while Rosenblatt Securities set a target of $33.00.
Overall, thirteen research analysts have rated Cipher Mining with a buy rating, while one has issued a hold rating and another a sell rating. According to data from MarketBeat.com, the stock currently holds a consensus rating of “Moderate Buy” with an average target price of $24.73.
Recent Earnings and Financial Performance
Cipher Mining announced its quarterly earnings on November 3, 2023. The company reported earnings per share (EPS) of (0.01), surpassing the consensus estimate of (0.08) by $0.07. For the quarter, Cipher Mining generated revenue of $106.69 million, significantly above the expected $79.13 million. The company reported a negative net margin of 34.16% and a negative return on equity of 9.57%. Analysts anticipate that Cipher Mining will post an EPS of (0.31) for the current year.
Insider trading activity has also been notable at Cipher Mining. On September 25, 2023, major shareholder Holding Ltd V3 sold 3,504,540 shares at an average price of $12.36, totaling approximately $43.32 million. Following this transaction, the insider held 71,437,719 shares valued at about $882.97 million, representing a 4.68% decrease in their ownership. This sale was filed with the Securities and Exchange Commission (SEC).
Additionally, insider William Iwaschuk sold 173,094 shares on November 4, 2023, at an average price of $22.52, bringing in approximately $3.90 million. Following this sale, Iwaschuk retained 1,054,488 shares, valued at around $23.75 million. In total, insiders have sold 14,689,007 shares valued at approximately $223.28 million in the last 90 days.
Institutional Investor Activity
Institutional investors have been making adjustments to their holdings in Cipher Mining. Charles Schwab Investment Management Inc. increased its stake by 5.7%, now owning 3,319,563 shares valued at $7.64 million after acquiring an additional 180,010 shares. Deutsche Bank AG raised its position by 3.9%, holding 201,203 shares worth $463,000 after purchasing an extra 7,526 shares. Similarly, Swiss National Bank increased its stake by 4.2%, now owning 471,700 shares valued at $1.09 million.
HighTower Advisors LLC significantly boosted its position by 309.4%, acquiring 73,810 shares worth $170,000. American Century Companies Inc. also increased its stake by 5.8%, now holding 481,571 shares valued at $1.11 million. Currently, institutional investors own 12.26% of Cipher Mining’s stock.
About Cipher Mining
Cipher Mining Inc., established in 2020 and headquartered in New York, operates industrial-scale bitcoin mining data centers across the United States. The company functions as a subsidiary of Bitfury Holding B.V. As the cryptocurrency landscape continues to evolve, Cipher Mining remains a key player in the industry, focusing on technological advancements and operational efficiency in its mining operations.
