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

Cipher Mining Inc. (NASDAQ:CIFR) saw some unusual options trading activity on Wednesday. Traders purchased 203,658 call options on the stock. This is an increase of approximately 26% compared to the typical daily volume of 161,158 call options.

Cipher Mining Stock Down 12.4%

CIFR traded down $2.01 during trading on Wednesday, hitting $14.25. 52,998,428 shares of the company’s stock traded hands, compared to its average volume of 31,439,510. The stock has a market capitalization of $5.63 billion, a price-to-earnings ratio of -79.17 and a beta of 2.95. The company’s 50 day simple moving average is $17.25 and its two-hundred day simple moving average is $14.04. Cipher Mining has a 12-month low of $1.86 and a 12-month high of $25.52. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 1.31.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Monday, November 3rd. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.07. The company had revenue of $106.69 million for the quarter, compared to the consensus estimate of $79.13 million. Cipher Mining had a negative net margin of 34.16% and a negative return on equity of 9.57%. Analysts predict that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Wesley Hastie Williams sold 49,867 shares of the company’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $16.08, for a total transaction of $801,861.36. Following the sale, the director directly owned 158,145 shares in the company, valued at $2,542,971.60. This represents a 23.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Patrick Arthur Kelly sold 35,568 shares of the firm’s stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $17.76, for a total transaction of $631,687.68. Following the completion of the transaction, the chief operating officer owned 1,512,644 shares of the company’s stock, valued at $26,864,557.44. This trade represents a 2.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 271,023 shares of company stock valued at $4,442,255. 2.63% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Cipher Mining by 43.2% during the 4th quarter. Vanguard Group Inc. now owns 32,680,186 shares of the company’s stock worth $482,360,000 after purchasing an additional 9,865,533 shares during the period. Voloridge Investment Management LLC bought a new position in Cipher Mining in the 3rd quarter valued at $70,524,000. Value Aligned Research Advisors LLC purchased a new stake in Cipher Mining in the third quarter worth $64,266,000. Millennium Management LLC bought a new stake in shares of Cipher Mining during the first quarter worth $9,316,000. Finally, Two Sigma Investments LP boosted its stake in shares of Cipher Mining by 64.9% during the third quarter. Two Sigma Investments LP now owns 6,746,401 shares of the company’s stock valued at $84,937,000 after purchasing an additional 2,655,015 shares during the period. 12.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CIFR shares. Keefe, Bruyette & Woods increased their price objective on Cipher Mining from $13.00 to $22.00 and gave the stock a “moderate buy” rating in a report on Tuesday, January 27th. Citigroup initiated coverage on Cipher Mining in a research note on Wednesday, November 19th. They issued an “outperform” rating for the company. Rosenblatt Securities boosted their price objective on shares of Cipher Mining to $33.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Wall Street Zen cut shares of Cipher Mining from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Citizens Jmp initiated coverage on shares of Cipher Mining in a research report on Wednesday, November 19th. They set an “outperform” rating and a $30.00 price target on the stock. Thirteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cipher Mining presently has a consensus rating of “Moderate Buy” and an average price target of $24.54.

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.