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

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of unusually large options trading activity on Tuesday. Stock investors acquired 22,375 call options on the company. This represents an increase of approximately 47% compared to the typical volume of 15,201 call options.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock in a transaction on Friday, September 6th. The shares were sold at an average price of $2.74, for a total value of $5,209,046.88. Following the sale, the insider now directly owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider William Iwaschuk sold 150,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was 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 directly owns 619,148 shares in the company, valued at approximately $2,439,443.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the completion of the sale, the insider now owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,462,980 shares of company stock worth $20,795,679. 2.25% of the stock is owned by insiders.

Institutional Trading of Cipher Mining

Hedge funds have recently bought and sold shares of the stock. Millennium Management LLC grew its holdings in shares of 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 buying an additional 2,938,184 shares during the last quarter. First Financial Bankshares Inc purchased a new position in Cipher Mining during the 4th quarter worth approximately $9,901,000. Vanguard Group Inc. raised its position in Cipher Mining by 62.0% during the 1st quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after buying an additional 2,164,383 shares during the last quarter. Vident Advisory LLC boosted its holdings in shares of Cipher Mining by 94.9% in the 1st quarter. Vident Advisory LLC now owns 2,240,261 shares of the company’s stock valued at $11,537,000 after acquiring an additional 1,090,811 shares during the last quarter. Finally, Van ECK Associates Corp increased its stake in shares of Cipher Mining by 38.9% in the first quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock worth $14,079,000 after acquiring an additional 765,238 shares during the period. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CIFR shares. Needham & Company LLC upped their target price on shares of Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Macquarie began coverage on Cipher Mining in a research note on Tuesday, September 24th. They issued an “outperform” rating and a $6.00 price objective for the company. Northland Capmk raised Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 price target on shares of Cipher Mining in a research report on Tuesday, September 3rd. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research report on Thursday, August 29th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Cipher Mining currently has a consensus rating of “Buy” and a consensus price target of $7.21.

Cipher Mining Stock Performance

Shares of NASDAQ:CIFR opened at $3.58 on Wednesday. The firm’s 50 day simple moving average is $3.88 and its 200-day simple moving average is $4.22. 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. The firm has a market cap of $1.11 billion, a PE ratio of 59.67 and a beta of 2.24.

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