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

Cipher Mining Inc. (NASDAQ:CIFR) was the target of some unusual options trading activity on Monday. Investors purchased 29,134 call options on the company. This is an increase of 132% compared to the average volume of 12,582 call options.

Cipher Mining Stock Performance

NASDAQ:CIFR opened at $7.39 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. Cipher Mining has a fifty-two week low of $2.15 and a fifty-two week high of $7.99. The company has a 50 day simple moving average of $5.84 and a two-hundred day simple moving average of $4.80. The company has a market capitalization of $2.57 billion, a PE ratio of -56.85 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.18). The firm had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same quarter last year, the company earned ($0.07) earnings per share. Research analysts anticipate that Cipher Mining will post -0.18 earnings per share for the current year.

Insider Activity at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the sale, the insider now directly owns 98,747,588 shares in the company, valued at approximately $651,734,080.80. This trade represents a 0.30 % decrease in their position. The transaction 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 the company’s stock in a transaction that occurred 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 transaction, the chief operating officer now owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. This represents a 11.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,593,503 shares of company stock valued at $9,568,005 over the last three months. 2.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CIFR. Millennium Management LLC grew its stake in Cipher Mining by 122.8% during the second 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. Tidal Investments LLC grew its position in shares of Cipher Mining by 73.4% during the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after buying an additional 1,584,874 shares during the period. Geode Capital Management LLC increased its stake in shares of Cipher Mining by 37.8% in the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after acquiring an additional 1,511,455 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Cipher Mining by 41.5% during the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after acquiring an additional 1,144,390 shares during the period. Finally, Paloma Partners Management Co bought a new position in Cipher Mining during the third quarter worth $4,029,000. 12.26% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CIFR shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd. BTIG Research increased their target price on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Northland Capmk raised Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. JPMorgan Chase & Co. raised Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective for the company in a research note on Tuesday, December 10th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Nine equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining has an average rating of “Buy” and a consensus target price of $8.03.

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.