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

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) was the target of some unusual options trading activity on Thursday. Investors purchased 17,870 call options on the stock. This is an increase of approximately 33% compared to the average volume of 13,449 call options.

Insider Activity at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 89,742 shares of the company's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total value of $392,172.54. Following the completion of the transaction, the chief operating officer now directly owns 717,431 shares in the company, valued at approximately $3,135,173.47. This represents a 11.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $6.60, for a total value of $1,980,000.00. Following the transaction, the insider now owns 98,747,588 shares in the company, valued at $651,734,080.80. This trade represents a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,446,623 shares of company stock valued at $9,000,561. Company insiders own 2.25% of the company's stock.

Hedge Funds Weigh In On Cipher Mining

A number of institutional investors have recently added to or reduced their stakes in CIFR. Amalgamated Bank boosted its stake in shares of Cipher Mining by 321.8% during the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company's stock valued at $25,000 after buying an additional 4,557 shares during the last quarter. Farther Finance Advisors LLC acquired a new stake in Cipher Mining in the third quarter valued at $33,000. Xponance Inc. bought a new position in Cipher Mining during the 2nd quarter valued at $45,000. W Advisors LLC acquired a new position in Cipher Mining during the 3rd quarter worth $45,000. Finally, Prospect Financial Services LLC bought a new stake in shares of Cipher Mining in the 3rd quarter worth about $47,000. Institutional investors and hedge funds own 12.26% of the company's stock.

Cipher Mining Stock Up 4.1 %

Shares of NASDAQ:CIFR traded up $0.19 during mid-day trading on Thursday, hitting $4.83. 7,385,065 shares of the company traded hands, compared to its average volume of 8,740,756. The firm's 50 day simple moving average is $6.09 and its 200 day simple moving average is $4.92. The firm has a market cap of $1.68 billion, a P/E ratio of -37.15 and a beta of 2.29. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. Cipher Mining has a 52-week low of $2.15 and a 52-week high of $7.99.

Cipher Mining (NASDAQ:CIFR - Get Free Report) 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). The firm had revenue of $24.10 million for the quarter, compared to analysts' expectations of $25.84 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. During the same quarter in the prior year, the business earned ($0.07) EPS. On average, equities analysts anticipate that Cipher Mining will post -0.31 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on CIFR shares. Macquarie upped their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an "outperform" rating in a research report on Thursday, November 7th. Needham & Company LLC reaffirmed a "buy" rating and issued a $7.50 target price on shares of Cipher Mining in a research report on Friday, November 1st. Cantor Fitzgerald reiterated an "overweight" rating and issued a $9.00 target price on shares of Cipher Mining in a report on Thursday, October 3rd. BTIG Research upped their price target on Cipher Mining from $6.00 to $9.00 and gave the stock a "buy" rating in a research note on Friday, November 15th. Finally, Northland Capmk upgraded Cipher Mining to a "strong-buy" rating in a report on Wednesday, September 25th. Nine analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Cipher Mining currently has an average rating of "Buy" and an average price target of $8.03.

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.