Cipher Mining Sees Unusually High Options Volume (NASDAQ:CIFR)

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of some unusual options trading on Wednesday. Stock investors acquired 66,864 call options on the company. This represents an increase of approximately 321% compared to the average daily volume of 15,876 call options.

Insider Activity

In other news, insider William Iwaschuk sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total transaction of $591,000.00. Following the completion of the transaction, the insider now owns 619,148 shares in the company, valued at $2,439,443.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider William Iwaschuk sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total transaction of $591,000.00. Following the completion of the transaction, the insider now owns 619,148 shares in the company, valued at $2,439,443.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total value of $5,741,358.24. Following the transaction, the insider now owns 107,748,228 shares of the company’s stock, valued at approximately $325,399,648.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,462,980 shares of company stock worth $20,795,679 over the last 90 days. Corporate insiders own 2.25% of the company’s stock.

Institutional Trading of Cipher Mining

Several institutional investors and hedge funds have recently modified their holdings of the stock. Amalgamated Bank increased its holdings in Cipher Mining by 321.8% during the second 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 period. Janney Montgomery Scott LLC purchased a new position in Cipher Mining during the first quarter valued at approximately $52,000. Xponance Inc. purchased a new position in Cipher Mining during the second quarter valued at approximately $45,000. Price T Rowe Associates Inc. MD purchased a new position in Cipher Mining during the first quarter valued at approximately $59,000. Finally, Prospect Financial Services LLC purchased a new position in Cipher Mining during the third quarter valued at approximately $47,000. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Trading Up 14.4 %

Shares of Cipher Mining stock traded up $0.63 on Wednesday, hitting $5.01. 15,034,718 shares of the company traded hands, compared to its average volume of 9,031,028. The stock’s 50 day moving average price is $3.62 and its 200-day moving average price is $4.16. The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01. Cipher Mining has a 52 week low of $2.15 and a 52 week high of $7.99. The company has a market cap of $1.55 billion, a PE ratio of 77.17 and a beta of 2.25.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05). Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. The firm had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. Equities research analysts predict that Cipher Mining will post -0.04 EPS for the current year.

Analysts Set New Price Targets

CIFR has been the subject of a number of analyst reports. Northland Securities initiated coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price target for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 price target on shares of Cipher Mining in a report on Thursday, October 3rd. Macquarie initiated coverage on shares of Cipher Mining in a research note on Tuesday, September 24th. They issued an “outperform” rating and a $6.00 price objective for the company. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research note on Thursday, August 29th. Finally, Stifel Canada raised shares of Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $7.21.

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.