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

Cipher Mining Inc. (NASDAQ:CIFR) was the target of some unusual options trading activity on Thursday. Stock traders bought 17,870 call options on the stock. This is an increase of approximately 33% compared to the average daily volume of 13,449 call options.

Cipher Mining Trading Up 15.3 %

CIFR opened at $5.57 on Friday. Cipher Mining has a 52 week low of $2.15 and a 52 week high of $7.99. The company has a market capitalization of $1.94 billion, a P/E ratio of -42.84 and a beta of 2.29. The stock’s fifty day moving average is $6.10 and its two-hundred day moving average is $4.92. 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 announced 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 analysts’ expectations of $25.84 million. During the same quarter in the prior year, the business posted ($0.07) EPS. Analysts forecast that Cipher Mining will post -0.31 earnings per share for the current year.

Insider Buying and Selling at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the business’s stock in a transaction on Monday, October 28th. The shares were 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 in the company, valued at approximately $616,075,997.36. The trade was a 1.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the completion of the transaction, the chief operating officer now directly owns 717,431 shares of the company’s stock, valued at $3,135,173.47. The trade was a 11.12 % decrease in their ownership of the stock. 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 90 days. Insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

Large investors have recently modified their holdings of the business. Millennium Management LLC raised its position in shares of Cipher Mining by 122.8% in the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after acquiring an additional 2,938,184 shares in the last quarter. Tidal Investments LLC raised its holdings in Cipher Mining by 73.4% in 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. Geode Capital Management LLC lifted its position in shares of Cipher Mining by 37.8% during the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after buying an additional 1,511,455 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Cipher Mining by 41.5% in the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after buying an additional 1,144,390 shares in the last quarter. Finally, Paloma Partners Management Co purchased a new position in shares of Cipher Mining in the 3rd quarter worth approximately $4,029,000. Institutional investors own 12.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CIFR shares. Northland Securities boosted their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective on the stock in a research report on Tuesday, December 10th. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd. Finally, Macquarie boosted their price objective on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a report on Thursday, November 7th. Nine equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $8.03.

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.