Stock Traders Buy High Volume of Call Options on Cipher Mining (NASDAQ:CIFR)

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of some unusual options trading on Tuesday. Stock traders acquired 22,375 call options on the stock. This represents an increase of 47% compared to the average daily volume of 15,201 call options.

Cipher Mining Price Performance

NASDAQ CIFR traded down $0.37 during trading hours on Tuesday, reaching $3.50. The company’s stock had a trading volume of 6,544,095 shares, compared to its average volume of 9,038,139. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 61.17 and a beta of 2.24. The company’s 50-day moving average is $3.88 and its two-hundred day moving average is $4.22. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49. Cipher Mining has a 1-year low of $2.15 and a 1-year high of $7.99.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05). The firm had revenue of $36.81 million for the quarter, compared to analyst estimates of $39.17 million. Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. During the same quarter last year, the firm posted ($0.05) EPS. On average, equities analysts predict that Cipher Mining will post -0.05 EPS for the current year.

Insider Activity at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the completion of the sale, the insider now owns 107,748,228 shares in the company, valued at $325,399,648.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total value of $5,741,358.24. Following the completion of the transaction, the insider now directly owns 107,748,228 shares in the company, valued at $325,399,648.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William Iwaschuk sold 150,000 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total value of $591,000.00. Following the sale, the insider now owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. The disclosure for this sale can be found here. Insiders sold 6,462,980 shares of company stock worth $20,795,679 over the last three months. 2.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

Large investors have recently added to or reduced their stakes in the stock. Amalgamated Bank raised its position in Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after acquiring an additional 4,557 shares during the period. Xponance Inc. acquired a new position in Cipher Mining during the second quarter worth $45,000. Janney Montgomery Scott LLC acquired a new position in Cipher Mining during the first quarter worth $52,000. Price T Rowe Associates Inc. MD acquired a new position in Cipher Mining during the first quarter worth $59,000. Finally, B. Riley Wealth Advisors Inc. raised its position in Cipher Mining by 50.0% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock worth $62,000 after acquiring an additional 5,000 shares during the period. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Needham & Company LLC boosted their price target on Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Compass Point raised their price target on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 price objective on shares of Cipher Mining in a report on Tuesday, September 3rd. Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Finally, Northland Securities initiated coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price target on the stock. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $7.21.

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.