Stock Traders Purchase Large Volume of Cipher Mining Call Options (NASDAQ:CIFR)

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of unusually large options trading on Wednesday. Stock investors bought 66,864 call options on the company. This represents an increase of approximately 321% compared to the average volume of 15,876 call options.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CIFR. Northland Capmk raised Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Thursday, August 29th. Compass Point increased their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Macquarie initiated coverage on shares of Cipher Mining in a research note on Tuesday, September 24th. They set an “outperform” rating and a $6.00 target price for the company. Finally, Northland Securities assumed coverage on shares of Cipher Mining in a research report on Wednesday, September 25th. They set an “outperform” rating and a $6.00 price target for the company. Seven investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $7.21.

Insider Transactions at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of Cipher Mining stock in a transaction that occurred 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 transaction, the insider now directly owns 107,748,228 shares in the company, valued at approximately $325,399,648.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the sale, the insider now directly owns 107,748,228 shares of the company’s stock, valued at approximately $325,399,648.56. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Patrick Arthur Kelly sold 89,742 shares of Cipher Mining stock in a transaction on Tuesday, October 15th. The shares were 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 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,943,078 shares of company stock worth $17,389,769 over the last quarter. 2.25% of the stock is currently owned by insiders.

Institutional Trading of Cipher Mining

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Cipher Mining by 62.0% during the first 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 period. Millennium Management LLC boosted its position in shares of Cipher Mining by 122.8% during the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock worth $22,123,000 after purchasing an additional 2,938,184 shares during the period. Van ECK Associates Corp increased its holdings in Cipher Mining by 0.8% in the 2nd quarter. Van ECK Associates Corp now owns 2,755,829 shares of the company’s stock valued at $11,437,000 after purchasing an additional 22,086 shares during the last quarter. Vident Advisory LLC increased its holdings in 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 purchasing an additional 1,090,811 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Cipher Mining by 243.2% during the second quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock worth $2,279,000 after purchasing an additional 389,079 shares in the last quarter. 12.26% of the stock is owned by institutional investors and hedge funds.

Cipher Mining Stock Performance

Shares of Cipher Mining stock opened at $4.82 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 8.49 and a current ratio of 8.49. The business’s 50 day moving average price is $3.65 and its 200 day moving average price is $4.18. The company has a market cap of $1.49 billion, a price-to-earnings ratio of 80.33 and a beta of 2.25. Cipher Mining has a one year low of $2.15 and a one year high of $7.99.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The business had revenue of $36.81 million for the quarter, compared to analyst estimates of $39.17 million. During the same quarter in the previous year, the firm earned ($0.05) EPS. On average, research analysts predict that Cipher Mining will post -0.04 EPS for the current year.

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.