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) saw unusually large options trading on Thursday. Stock investors bought 44,448 call options on the company. Thisrepresentsanincreaseofapproximately47% compared to the typical daily volume of 30,316 call options.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Canaccord Genuity Group reissued a "buy" rating and issued a $8.00 price objective on shares of Cipher Mining in a report on Thursday, May 8th. Cantor Fitzgerald increased their price objective on Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a research report on Thursday, June 5th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $5.50 price target 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 company an "outperform" rating in a research report on Friday, August 8th. Finally, Jones Trading started coverage on shares of Cipher Mining in a research note on Monday, July 21st. They issued a "hold" rating for the company. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $7.70.

Insider Transactions at Cipher Mining

In other news, major shareholder Holding Ltd V3 sold 500,000 shares of the company's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $6.19, for a total transaction of $3,095,000.00. Following the completion of the transaction, the insider directly owned 91,378,292 shares of the company's stock, valued at approximately $565,631,627.48. This represents a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 667,010 shares of the stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $6.11, for a total value of $4,075,431.10. Following the completion of the transaction, the insider directly owned 93,667,437 shares of the company's stock, valued at $572,308,040.07. This trade represents a 0.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,314,323 shares of company stock worth $32,144,964. 2.89% of the stock is currently owned by insiders.

Institutional Trading of Cipher Mining

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company increased its position in shares of Cipher Mining by 25.9% during the second quarter. The Manufacturers Life Insurance Company now owns 124,747 shares of the company's stock valued at $596,000 after acquiring an additional 25,664 shares during the last quarter. Ardsley Advisory Partners LP acquired a new position in Cipher Mining during the 2nd quarter worth approximately $717,000. Jump Financial LLC acquired a new position in Cipher Mining during the 2nd quarter worth approximately $921,000. Cresset Asset Management LLC acquired a new position in Cipher Mining during the 2nd quarter worth approximately $1,217,000. Finally, Two Seas Capital LP purchased a new stake in shares of Cipher Mining during the 2nd quarter worth approximately $1,195,000. Institutional investors and hedge funds own 12.26% of the company's stock.

Cipher Mining Stock Up 4.6%

Shares of NASDAQ CIFR traded up $0.23 during midday trading on Thursday, hitting $5.13. The stock had a trading volume of 24,512,878 shares, compared to its average volume of 20,927,934. The business's 50 day moving average is $5.10 and its 200-day moving average is $4.13. The company has a market cap of $2.02 billion, a P/E ratio of -11.85 and a beta of 2.73. Cipher Mining has a 52 week low of $1.86 and a 52 week high of $7.77. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 0.23.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting 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 business had revenue of $43.57 million during the quarter, compared to the consensus estimate of $51.89 million. As a group, analysts predict that Cipher Mining will post -0.31 EPS for the current year.

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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