Analysts at Arete have begun coverage on shares of Cipher Mining (NASDAQ:CIFR), issuing a buy rating and a target price of $24.00. This announcement was made in a research report distributed to investors on Wednesday morning, according to MarketBeat Ratings. This marks a significant endorsement for the company, which focuses on developing and operating large-scale bitcoin mining facilities in the United States.
Several other research firms have also weighed in on Cipher Mining. On June 5, 2023, Cantor Fitzgerald raised their price target from $4.00 to $6.00, assigning an “overweight” rating. Meanwhile, Canaccord Genuity Group increased their target from $9.00 to $13.00 in a report dated September 16, 2023, also granting a “buy” rating. Coverage from Jones Trading began on July 21, 2023, with a “hold” recommendation, while Compass Point issued a “buy” rating on September 15, 2023. Additionally, Macquarie raised its target price from $6.00 to $8.00 on August 8, 2023, with an “outperform” rating.
As it stands, the consensus among twelve equity research analysts is a “Moderate Buy,” with an average price target of $11.36.
Cipher Mining’s Recent Financial Performance
Cipher Mining recently reported its quarterly earnings on August 7, 2023, revealing earnings of ($0.12) per share, matching analyst expectations. The company faced a challenging quarter, with revenue amounting to $43.57 million, falling short of analyst estimates of $51.89 million. Cipher Mining also recorded a negative return on equity of 21.71% and a net margin of 96.95%. Analysts predict an earnings per share (EPS) of ($0.31) for the current fiscal year.
Insider Transactions and Institutional Interest
In related news, significant insider transactions have occurred recently. On September 25, 2023, major shareholder Holding Ltd V3 sold 3,504,540 shares at an average price of $12.36, totaling approximately $43.3 million. Following this sale, the shareholder retained 71,437,719 shares, valued at around $882.97 million, marking a 4.68% reduction in their ownership.
Another major shareholder, Top Holdco B.V. Bitfury, sold 667,010 shares on July 14, 2023, at an average price of $6.11, amounting to about $4.08 million. Following this transaction, they continued to hold 93,667,437 shares, valued at about $572.31 million, a 0.71% decrease in ownership.
In the last three months, insiders have collectively sold 17,816,072 shares, worth approximately $170.44 million, with insiders currently holding 2.89% of the company’s stock.
Institutional investors have also taken an interest in Cipher Mining, with Geode Capital Management LLC increasing its stake by 18.1% during the second quarter, now owning 7,242,210 shares valued at about $34.62 million. Similarly, Tidal Investments LLC raised its position by 28.3%, acquiring a total of 6,984,438 shares valued at approximately $33.39 million.
Overall, institutional and hedge funds currently own 12.26% of Cipher Mining’s stock, reflecting growing confidence in the company’s operations and future prospects.
Cipher Mining Inc., based in New York, was incorporated in 2020 and operates as a subsidiary of Bitfury Holding B.V.. Its focus on the industrial-scale bitcoin mining sector positions it within a rapidly evolving market, drawing considerable attention from both analysts and investors alike.
