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

Cipher Mining Inc. (NASDAQ:CIFR) was the target of unusually large options trading on Wednesday. Traders acquired 181,680 call options on the stock. This is an increase of approximately 765% compared to the typical daily volume of 21,014 call options.

Insiders Place Their Bets

In other news, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the company’s stock in a transaction on Monday, July 14th. The stock was sold at an average price of $6.11, for a total transaction of $4,075,431.10. Following the transaction, the insider owned 93,667,437 shares of the company’s stock, valued at $572,308,040.07. This represents a 0.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 3,378,290 shares of company stock valued at $20,074,097 over the last 90 days. 2.89% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cipher Mining

Large investors have recently made changes to their positions in the business. Voya Investment Management LLC lifted its position in shares of Cipher Mining by 3.6% in the fourth quarter. Voya Investment Management LLC now owns 59,135 shares of the company’s stock worth $274,000 after buying an additional 2,036 shares in the last quarter. Xponance Inc. grew its stake in shares of Cipher Mining by 17.8% during the fourth quarter. Xponance Inc. now owns 14,151 shares of the company’s stock valued at $66,000 after buying an additional 2,140 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Cipher Mining by 17.4% during the fourth quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company’s stock valued at $67,000 after buying an additional 2,149 shares during the last quarter. Mackenzie Financial Corp grew its stake in shares of Cipher Mining by 26.6% during the fourth quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock valued at $61,000 after buying an additional 2,754 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of Cipher Mining by 11.7% during the first quarter. Wellington Management Group LLP now owns 27,990 shares of the company’s stock valued at $64,000 after buying an additional 2,940 shares during the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. HC Wainwright restated a “buy” rating on shares of Cipher Mining in a research note on Tuesday, May 6th. Cantor Fitzgerald upped their target price on Cipher Mining from $4.00 to $6.00 and gave the stock an “overweight” rating in a research note on Thursday, June 5th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $5.50 target price on shares of Cipher Mining in a research note on Wednesday, May 7th. Canaccord Genuity Group restated a “buy” rating and set a $8.00 price target on shares of Cipher Mining in a research report on Thursday, May 8th. Finally, Jones Trading assumed coverage on Cipher Mining in a research report on Monday. They set a “hold” rating on the stock. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $7.63.

Cipher Mining Stock Up 11.0%

Cipher Mining stock opened at $6.94 on Wednesday. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of -19.28 and a beta of 2.72. The stock has a fifty day simple moving average of $4.34 and a two-hundred day simple moving average of $4.08. Cipher Mining has a 12 month low of $1.86 and a 12 month high of $7.77. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, hitting the consensus estimate of ($0.11). The company had revenue of $48.96 million during the quarter, compared to analyst estimates of $53.57 million. Cipher Mining had a negative return on equity of 17.77% and a negative net margin of 81.21%. Equities analysts predict that Cipher Mining will post -0.31 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.