Investors Buy Large Volume of Call Options on Cipher Mining (NASDAQ:CIFR)

Cipher Mining Inc. (NASDAQ:CIFR) saw some unusual options trading activity on Friday. Stock investors acquired 64,646 call options on the company. This is an increase of 339% compared to the typical volume of 14,714 call options.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR opened at $4.56 on Friday. Cipher Mining has a 1-year low of $2.15 and a 1-year high of $5.89. The stock’s fifty day simple moving average is $4.13 and its two-hundred day simple moving average is $3.76. The company has a current ratio of 8.08, a quick ratio of 8.08 and a debt-to-equity ratio of 0.02. The stock has a market cap of $1.41 billion, a PE ratio of 76.01 and a beta of 2.28.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results on Tuesday, May 7th. The company reported $0.13 earnings per share for the quarter. Cipher Mining had a net margin of 13.54% and a return on equity of 4.66%. The firm had revenue of $48.14 million during the quarter, compared to the consensus estimate of $50.05 million.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CIFR. Canaccord Genuity Group reiterated a “buy” rating and set a $6.00 price target (up previously from $5.50) on shares of Cipher Mining in a research report on Wednesday, May 8th. Cantor Fitzgerald initiated coverage on Cipher Mining in a report on Tuesday, June 11th. They set an “overweight” rating and a $9.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $5.00 price target on shares of Cipher Mining in a report on Friday, June 7th. Finally, HC Wainwright increased their target price on Cipher Mining from $5.50 to $6.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Cipher Mining has an average rating of “Moderate Buy” and an average target price of $6.25.

Insider Buying and Selling at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 296,357 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $3.99, for a total value of $1,182,464.43. Following the transaction, the insider now owns 118,223,411 shares in the company, valued at approximately $471,711,409.89. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In the last three months, insiders sold 2,897,358 shares of company stock valued at $12,352,745. 2.25% of the stock is owned by insiders.

Institutional Trading of Cipher Mining

Hedge funds and other institutional investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC bought a new position in Cipher Mining in the first quarter worth $52,000. Sloy Dahl & Holst LLC bought a new stake in Cipher Mining during the fourth quarter valued at approximately $44,000. New York State Common Retirement Fund increased its stake in shares of Cipher Mining by 104.9% in the 3rd quarter. New York State Common Retirement Fund now owns 10,921 shares of the company’s stock worth $25,000 after purchasing an additional 5,592 shares in the last quarter. Price T Rowe Associates Inc. MD bought a new position in shares of Cipher Mining in the first quarter worth about $59,000. Finally, Wolverine Asset Management LLC purchased a new position in Cipher Mining during the fourth quarter valued at approximately $49,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.