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

Key Points

• Unusually heavy options activity hit Cipher Mining, with traders buying 168,813 call options on Monday, about 45% above the stock’s normal daily call volume.
• The stock fell 6.0% to $19.12, even after recent volatility; Cipher Mining also reported quarterly earnings that missed estimates slightly and showed a year-over-year revenue decline of 28.8%.
• Analyst sentiment remains mostly positive, with several firms raising price targets and the consensus rating sitting at Moderate Buy with an average target price of $26.87.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) was the target of unusually large options trading activity on Monday. Traders acquired 168,813 call options on the stock. This is an increase of approximately 45% compared to the typical daily volume of 116,281 call options.

Insiders Place Their Bets

In other news, Director Wesley Hastie Williams sold 28,169 shares of the company's stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $22.26, for a total value of $627,041.94. Following the sale, the director owned 129,976 shares of the company's stock, valued at approximately $2,893,265.76. This represents a 17.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Cary M. Grossman sold 20,000 shares of the company's stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $21.82, for a total transaction of $436,400.00. Following the completion of the sale, the director directly owned 150,530 shares in the company, valued at approximately $3,284,564.60. The trade was a 11.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 244,398 shares of company stock worth $4,276,690 in the last quarter. 2.63% of the stock is owned by corporate insiders.

Institutional Trading of Cipher Mining

A number of hedge funds have recently modified their holdings of CIFR. Sherman Asset Management Inc. acquired a new stake in shares of Cipher Mining in the 3rd quarter valued at approximately $25,000. Los Angeles Capital Management LLC acquired a new stake in shares of Cipher Mining in the 4th quarter valued at approximately $25,000. Arax Advisory Partners raised its position in shares of Cipher Mining by 274.2% in the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company's stock valued at $27,000 after acquiring an additional 1,338 shares during the period. GAMMA Investing LLC raised its position in shares of Cipher Mining by 218.3% in the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company's stock valued at $28,000 after acquiring an additional 1,286 shares during the period. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Cipher Mining in the 4th quarter valued at approximately $28,000. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Trading Down 6.0%

Cipher Mining stock traded down $1.21 during trading hours on Monday, reaching $19.12. 22,920,889 shares of the company's stock traded hands, compared to its average volume of 28,104,977. The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13. Cipher Mining has a fifty-two week low of $3.08 and a fifty-two week high of $25.52. The firm has a market capitalization of $7.82 billion, a price-to-earnings ratio of -8.21 and a beta of 3.13. The firm's 50 day moving average is $16.58 and its 200-day moving average is $16.92.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The business had revenue of $34.84 million for the quarter, compared to analyst estimates of $36.12 million. The business's revenue was down 28.8% on a year-over-year basis. On average, analysts predict that Cipher Mining will post -0.8 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on CIFR. Rosenblatt Securities upped their price target on shares of Cipher Mining from $24.00 to $30.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Cantor Fitzgerald reduced their price target on shares of Cipher Mining from $24.00 to $22.00 and set an "overweight" rating on the stock in a research report on Thursday, April 9th. Keefe, Bruyette & Woods upped their price target on shares of Cipher Mining from $23.00 to $27.00 and gave the stock an "outperform" rating in a research report on Thursday, May 7th. Needham & Company LLC upped their price target on shares of Cipher Mining from $22.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday. Finally, HC Wainwright upped their price target on shares of Cipher Mining from $25.00 to $30.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $26.87.

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.

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