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

Cipher Mining Inc. (NASDAQ:CIFR) saw some unusual options trading activity on Tuesday. Investors bought 22,375 call options on the stock. This represents an increase of approximately 47% compared to the typical volume of 15,201 call options.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CIFR. Needham & Company LLC boosted their price target on shares of Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. HC Wainwright upped their price target on shares of Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Macquarie started coverage on shares of Cipher Mining in a research report on Tuesday, September 24th. They set an “outperform” rating and a $6.00 price target for the company. Northland Securities began coverage on Cipher Mining in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 target price on the stock. Finally, Northland Capmk raised Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $7.21.

Insider Activity

In other news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the company’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the transaction, the insider now owns 109,911,187 shares of the company’s stock, valued at approximately $684,746,695.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider William Iwaschuk sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the completion of the transaction, the insider now owns 619,148 shares of the company’s stock, valued at $2,439,443.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the transaction, the insider now directly owns 109,911,187 shares of the company’s stock, valued at approximately $684,746,695.01. The disclosure for this sale can be found here. Insiders sold a total of 6,462,980 shares of company stock worth $20,795,679 over the last quarter. Insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CIFR. Vanguard Group Inc. increased its stake in Cipher Mining by 62.0% in the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after acquiring an additional 2,164,383 shares during the last quarter. Millennium Management LLC increased its stake in 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 during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Cipher Mining by 0.8% in the 2nd quarter. Van ECK Associates Corp now owns 2,755,829 shares of the company’s stock worth $11,437,000 after purchasing an additional 22,086 shares during the period. First Financial Bankshares Inc purchased a new position in shares of Cipher Mining in the 4th quarter worth approximately $9,901,000. Finally, Vident Advisory LLC raised its holdings in Cipher Mining by 94.9% during the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after buying an additional 1,090,811 shares during the period. 12.26% of the stock is owned by institutional investors.

Cipher Mining Stock Performance

Shares of NASDAQ CIFR traded down $0.37 during midday trading on Tuesday, hitting $3.50. 6,544,095 shares of the stock traded hands, compared to its average volume of 9,038,139. The firm has a 50-day moving average of $3.88 and a two-hundred day moving average of $4.22. The firm has a market capitalization of $1.09 billion, a P/E ratio of 61.17 and a beta of 2.24. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49. Cipher Mining has a one year low of $2.15 and a one year high of $7.99.

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

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.