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

Key Points

• Cipher Mining Inc. experienced a significant increase in call options trading, with investors purchasing 44,448 call options, a rise of approximately 47% from average daily volumes.
• Analysts forecast positive growth for Cipher Mining, with a consensus rating of "Moderate Buy" and a target price of $7.70, while some firms have set price targets between $5.50 and $8.00.
• Insider transactions included major shareholder Holding Ltd V3 selling 500,000 shares for over $3 million, reflecting a 0.54% decrease in their ownership stake.

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) was the recipient of some unusual options trading on Thursday. Stock traders acquired 44,448 call options on the stock. Thisisanincreaseofapproximately47% compared to the average volume of 30,316 call options.

Insider Activity at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 369,984 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $5.61, for a total transaction of $2,075,610.24. Following the completion of the sale, the insider directly owned 90,942,259 shares in the company, valued at approximately $510,186,072.99. This represents a 0.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 289,145 shares of the business's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $6.06, for a total value of $1,752,218.70. Following the transaction, the insider directly owned 93,378,292 shares of the company's stock, valued at $565,872,449.52. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,466,662 shares of company stock valued at $33,020,046 over the last 90 days. Insiders own 2.89% of the company's stock.

Institutional Trading of Cipher Mining

Institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC bought a new position in Cipher Mining during the fourth quarter worth $29,000. Stoneridge Investment Partners LLC bought a new position in shares of Cipher Mining in the first quarter valued at $29,000. FNY Investment Advisers LLC lifted its holdings in Cipher Mining by 42.9% during the 1st quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock valued at $36,000 after purchasing an additional 4,800 shares during the last quarter. Valeo Financial Advisors LLC acquired a new stake in shares of Cipher Mining during the first quarter worth $37,000. Finally, Steward Partners Investment Advisory LLC raised its stake in Cipher Mining by 258.1% in the second quarter. Steward Partners Investment Advisory LLC now owns 9,041 shares of the company's stock valued at $43,000 after purchasing an additional 6,516 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Cipher Mining Price Performance

NASDAQ:CIFR traded down $0.29 during midday trading on Tuesday, hitting $5.76. 25,929,867 shares of the company were exchanged, compared to its average volume of 25,170,864. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.18 and a quick ratio of 4.18. Cipher Mining has a fifty-two week low of $1.86 and a fifty-two week high of $7.77. The company has a fifty day simple moving average of $5.23 and a 200 day simple moving average of $4.14.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on CIFR shares. Canaccord Genuity Group raised their target price on Cipher Mining from $8.00 to $9.00 and gave the company a "buy" rating in a report on Tuesday. Rosenblatt Securities reissued a "buy" rating and issued a $5.50 target price on shares of Cipher Mining in a research report on Wednesday, May 7th. Macquarie raised their price target on Cipher Mining from $6.00 to $8.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. HC Wainwright reaffirmed a "buy" rating on shares of Cipher Mining in a report on Tuesday, May 6th. Finally, Cantor Fitzgerald boosted their price target on Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a report on Thursday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Cipher Mining currently has a consensus rating of "Moderate Buy" and an average price target of $7.67.

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.