Traders Purchase Large Volume of Cipher Mining Call Options (NASDAQ:CIFR)

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of unusually large options trading on Friday. Investors purchased 39,367 call options on the company. This is an increase of approximately 161% compared to the typical volume of 15,102 call options.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price objective on the stock in a research note on Tuesday, December 10th. Macquarie increased their price target on shares of Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a report on Thursday, November 7th. Northland Securities boosted their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 target price on shares of Cipher Mining in a research note on Tuesday, January 7th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Ten investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cipher Mining currently has an average rating of “Buy” and an average target price of $8.25.

Insiders Place Their Bets

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the sale, the insider now directly owns 98,747,588 shares in the company, valued at $651,734,080.80. This represents a 0.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $7.16, for a total value of $380,632.76. Following the completion of the sale, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. This represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 356,881 shares of company stock valued at $2,388,389 over the last 90 days. 2.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

Several large investors have recently made changes to their positions in the company. Amalgamated Bank boosted its position in Cipher Mining by 321.8% in 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 in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Cipher Mining by 912.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock valued at $28,000 after acquiring an additional 5,432 shares during the last quarter. Farther Finance Advisors LLC acquired a new position in shares of Cipher Mining in the 3rd quarter worth approximately $33,000. Xponance Inc. bought a new stake in Cipher Mining during the 2nd quarter worth approximately $45,000. Finally, W Advisors LLC acquired a new stake in Cipher Mining during the 3rd quarter valued at $45,000. Institutional investors own 12.26% of the company’s stock.

Cipher Mining Stock Up 21.9 %

NASDAQ CIFR opened at $5.73 on Friday. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of -44.07 and a beta of 2.38. Cipher Mining has a 1-year low of $2.40 and a 1-year high of $7.99. The stock’s 50 day moving average is $5.69 and its two-hundred day moving average is $5.00.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The company had revenue of $24.10 million during the quarter, compared to the consensus estimate 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 last year, the company earned ($0.07) earnings per share. Equities analysts forecast 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.