Cipher Mining Target of Unusually High Options Trading (NASDAQ:CIFR)

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of unusually large options trading on Monday. Traders acquired 23,990 call options on the stock. This represents an increase of 80% compared to the typical daily volume of 13,317 call options.

Cipher Mining Stock Up 5.6 %

Shares of NASDAQ:CIFR opened at $5.32 on Wednesday. The firm has a market cap of $1.85 billion, a P/E ratio of -40.92 and a beta of 2.18. Cipher Mining has a 12-month low of $2.15 and a 12-month high of $7.99. The business has a fifty day simple moving average of $4.02 and a 200 day simple moving average of $4.29. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The firm had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same period in the prior year, the company posted ($0.07) earnings per share. Analysts predict that Cipher Mining will post -0.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CIFR shares. Compass Point increased their price target on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Needham & Company LLC restated a “buy” rating and set a $7.50 price objective on shares of Cipher Mining in a research note on Friday, November 1st. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 price objective on shares of Cipher Mining in a research note on Thursday, October 3rd. Finally, Canaccord Genuity Group restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Seven research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $7.36.

Insiders Place Their Bets

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of Cipher Mining stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.22, for a total value of $6,220,000.00. Following the sale, the insider now owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of Cipher Mining stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.22, for a total value of $6,220,000.00. Following the sale, the insider now owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the sale, the chief operating officer now directly owns 717,431 shares in the company, valued at $3,135,173.47. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,943,078 shares of company stock worth $23,609,769. Corporate insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank increased its holdings in Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after purchasing an additional 4,557 shares in the last quarter. Farther Finance Advisors LLC acquired a new stake in Cipher Mining in the third quarter valued at approximately $33,000. Janney Montgomery Scott LLC acquired a new stake in Cipher Mining in the first quarter valued at approximately $52,000. Xponance Inc. acquired a new stake in Cipher Mining in the second quarter valued at approximately $45,000. Finally, Price T Rowe Associates Inc. MD acquired a new stake in Cipher Mining in the first quarter valued at approximately $59,000. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Company Profile

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.