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

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of unusually large options trading on Thursday. Investors bought 17,870 call options on the company. This represents an increase of 33% compared to the typical volume of 13,449 call options.

Insider Buying and Selling

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the transaction, the chief operating officer now directly owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the sale, the insider now directly owns 98,747,588 shares of the company’s stock, valued at $651,734,080.80. This represents a 0.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,446,623 shares of company stock worth $9,000,561 over the last three months. 2.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently modified their holdings of CIFR. State Street Corp raised its holdings in Cipher Mining by 17.3% during the third quarter. State Street Corp now owns 6,919,189 shares of the company’s stock worth $26,777,000 after acquiring an additional 1,019,949 shares in the last quarter. Paloma Partners Management Co bought a new stake in shares of Cipher Mining during the 3rd quarter worth approximately $4,029,000. Geode Capital Management LLC boosted its holdings in shares of Cipher Mining by 37.8% in the 3rd quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after buying an additional 1,511,455 shares during the last quarter. Dark Forest Capital Management LP acquired a new stake in shares of Cipher Mining in the 2nd quarter valued at approximately $1,332,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Cipher Mining by 243.2% in the second quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock valued at $2,279,000 after buying an additional 389,079 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on CIFR. Macquarie raised their target price on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective for the company in a report on Tuesday, December 10th. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research report on Friday, November 1st. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Nine research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $8.03.

Cipher Mining Stock Up 4.1 %

CIFR stock opened at $4.83 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The stock has a market capitalization of $1.68 billion, a P/E ratio of -37.15 and a beta of 2.29. Cipher Mining has a fifty-two week low of $2.15 and a fifty-two week high of $7.99. The business has a 50-day moving average of $6.09 and a 200-day moving average of $4.92.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The business had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. During the same quarter last year, the business earned ($0.07) earnings per share. On average, sell-side analysts anticipate that Cipher Mining will post -0.31 earnings per share 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.