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

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of unusually large options trading activity on Monday. Investors purchased 168,813 call options on the company. This represents an increase of approximately 45% compared to the average volume of 116,281 call options.

Insider Activity

In other Cipher Mining news, CEO Tyler Page sold 37,500 shares of the stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of $16.11, for a total transaction of $604,125.00. Following the transaction, the chief executive officer owned 8,263,862 shares in the company, valued at $133,130,816.82. This represents a 0.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Wesley Hastie Williams sold 28,169 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $22.26, for a total transaction of $627,041.94. Following the transaction, the director owned 129,976 shares in the company, valued at approximately $2,893,265.76. The trade was a 17.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 244,398 shares of company stock worth $4,276,690. Insiders own 2.63% of the company’s stock.

Institutional Trading of Cipher Mining

A number of hedge funds have recently added to or reduced their stakes in CIFR. Los Angeles Capital Management LLC bought a new position in shares of Cipher Mining during the fourth quarter valued at $25,000. Arax Advisory Partners raised its stake in shares of Cipher Mining by 274.2% during the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after acquiring an additional 1,338 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Cipher Mining by 218.3% during the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after acquiring an additional 1,286 shares during the last quarter. Meeder Asset Management Inc. bought a new position in shares of Cipher Mining during the fourth quarter valued at $28,000. Finally, Sherman Asset Management Inc. bought a new position in shares of Cipher Mining during the third quarter valued at $25,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Analyst Ratings Changes

CIFR has been the topic of a number of analyst reports. Needham & Company LLC increased their target price on shares of Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday. Wall Street Zen lowered shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a research report on Sunday, March 1st. BTIG Research reiterated a “buy” rating and set a $25.00 price target on shares of Cipher Mining in a research report on Wednesday, May 6th. Rosenblatt Securities increased their price target on shares of Cipher Mining from $24.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $40.50 price target on shares of Cipher Mining in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $26.87.

Cipher Mining Stock Performance

Shares of Cipher Mining stock opened at $19.12 on Tuesday. Cipher Mining has a fifty-two week low of $3.08 and a fifty-two week high of $25.52. The company has a debt-to-equity ratio of 6.13, a current ratio of 3.13 and a quick ratio of 3.13. The firm has a market capitalization of $7.82 billion, a P/E ratio of -8.21 and a beta of 3.13. The company’s 50 day moving average price is $16.66 and its two-hundred day moving average price is $16.91.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. The company had revenue of $34.84 million during the quarter, compared to analyst estimates of $36.12 million. The business’s quarterly revenue was down 28.8% compared to the same quarter last year. On average, equities analysts forecast that Cipher Mining will post -0.8 earnings per share for the current fiscal year.

Cipher Mining Company Profile

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.