Stock Traders Purchase Large Volume of Call Options on Cipher Mining (NASDAQ:CIFR)

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of unusually large options trading on Thursday. Traders acquired 17,870 call options on the company. This is an increase of approximately 33% compared to the average daily volume of 13,449 call options.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CIFR. Canaccord Genuity Group restated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Needham & Company LLC restated a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Northland Securities lifted their target price on Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Finally, Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Nine investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $8.03.

Cipher Mining Trading Up 15.3 %

Cipher Mining stock opened at $5.57 on Friday. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The firm has a market cap of $1.94 billion, a PE ratio of -42.84 and a beta of 2.29. The stock’s 50 day simple moving average is $6.10 and its two-hundred day simple moving average is $4.92. Cipher Mining has a 12 month low of $2.15 and a 12 month high of $7.99.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The firm had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. During the same quarter in the prior year, the business posted ($0.07) EPS. Analysts anticipate that Cipher Mining will post -0.31 earnings per share for the current year.

Insider Transactions at Cipher Mining

In other Cipher Mining news, COO Patrick Arthur Kelly sold 89,742 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total transaction of $392,172.54. Following the transaction, the chief operating officer now owns 717,431 shares in the company, valued at approximately $3,135,173.47. This represents a 11.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the transaction, the insider now directly owns 99,047,588 shares of the company’s stock, valued at approximately $616,075,997.36. This represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,446,623 shares of company stock valued at $9,000,561 in the last quarter. 2.25% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cipher Mining

Institutional investors have recently modified their holdings of the business. State Street Corp grew its stake in Cipher Mining by 17.3% in the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after acquiring an additional 1,019,949 shares during the period. Geode Capital Management LLC raised its position in Cipher Mining by 37.8% during the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after acquiring an additional 1,511,455 shares during the period. Millennium Management LLC lifted its holdings in Cipher Mining by 122.8% during the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after purchasing an additional 2,938,184 shares in the last quarter. Van ECK Associates Corp grew its position in shares of Cipher Mining by 41.5% in the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after purchasing an additional 1,144,390 shares during the period. Finally, Tidal Investments LLC increased its stake in shares of Cipher Mining by 73.4% during the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after purchasing an additional 1,584,874 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

About Cipher Mining

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.