Traders Buy High Volume of Call Options on Cipher Mining (NASDAQ:CIFR)

Key Points

• On Wednesday, traders purchased 92,329 call options for Cipher Mining, marking a 26% increase compared to typical daily volumes.
• Cipher Mining's stock reached $12.64 following a trading volume of over 45 million shares, significantly above its average of about 25 million.
• The company received multiple analyst ratings, with 12 analysts rating it as a Buy and a consensus target price of $15.23.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) was the recipient of some unusual options trading activity on Wednesday. Stock traders acquired 92,329 call options on the company. This is an increase of 26% compared to the typical daily volume of 73,418 call options.

Analyst Upgrades and Downgrades

CIFR has been the subject of several recent research reports. Jones Trading assumed coverage on shares of Cipher Mining in a research note on Monday, July 21st. They set a "hold" rating for the company. Compass Point started coverage on shares of Cipher Mining in a research report on Monday, September 15th. They set a "buy" rating for the company. Cantor Fitzgerald lifted their target price on shares of Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research report on Thursday, June 5th. JPMorgan Chase & Co. lifted their target price on shares of Cipher Mining from $6.00 to $12.00 and gave the company a "neutral" rating in a research report on Friday, September 26th. Finally, HC Wainwright boosted their price objective on shares of Cipher Mining from $7.50 to $17.00 and gave the stock a "buy" rating in a report on Monday. Twelve analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Cipher Mining has an average rating of "Moderate Buy" and a consensus target price of $15.23.

Cipher Mining Stock Up 0.4%

Cipher Mining stock traded up $0.05 during mid-day trading on Wednesday, reaching $12.64. The stock had a trading volume of 45,195,222 shares, compared to its average volume of 25,076,918. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18. The company has a market capitalization of $4.97 billion, a price-to-earnings ratio of -29.27 and a beta of 2.76. The company has a 50-day moving average price of $7.99 and a two-hundred day moving average price of $5.16. Cipher Mining has a one year low of $1.86 and a one year high of $15.54.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share for the quarter, hitting the consensus estimate of ($0.12). The firm had revenue of $43.57 million for the quarter, compared to analysts' expectations of $51.89 million. Cipher Mining had a negative net margin of 96.95% and a negative return on equity of 21.71%. On average, analysts expect that Cipher Mining will post -0.31 EPS for the current fiscal year.

Insider Activity

In other news, COO Patrick Arthur Kelly sold 44,870 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $10.80, for a total value of $484,596.00. Following the completion of the sale, the chief operating officer owned 1,044,390 shares in the company, valued at $11,279,412. This represents a 4.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Holding Ltd V3 sold 2,000,000 shares of the firm's stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $12.08, for a total transaction of $24,160,000.00. Following the sale, the insider owned 67,852,537 shares of the company's stock, valued at $819,658,646.96. This trade represents a 2.86% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,901,254 shares of company stock valued at $210,570,720. 2.89% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC grew its holdings in shares of Cipher Mining by 18.1% in the second quarter. Geode Capital Management LLC now owns 7,242,210 shares of the company's stock valued at $34,621,000 after purchasing an additional 1,108,850 shares in the last quarter. Tidal Investments LLC increased its stake in shares of Cipher Mining by 28.3% during the second quarter. Tidal Investments LLC now owns 6,984,438 shares of the company's stock valued at $33,386,000 after buying an additional 1,541,138 shares during the period. Vident Advisory LLC increased its stake in shares of Cipher Mining by 11.9% during the first quarter. Vident Advisory LLC now owns 4,753,772 shares of the company's stock valued at $10,934,000 after buying an additional 503,694 shares during the period. Goldman Sachs Group Inc. grew its stake in Cipher Mining by 52.4% in the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company's stock valued at $10,765,000 after purchasing an additional 1,610,073 shares during the last quarter. Finally, Helix Partners Management LP grew its stake in Cipher Mining by 95.8% in the first quarter. Helix Partners Management LP now owns 4,400,000 shares of the company's stock valued at $10,120,000 after purchasing an additional 2,153,058 shares during the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

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.

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