Cipher Mining Target of Unusually Large Options Trading (NASDAQ:CIFR)
by Scott Moore · The Cerbat GemCipher Mining Inc. (NASDAQ:CIFR – Get Free Report) was the target of some unusual options trading activity on Monday. Investors acquired 168,813 call options on the company. This represents an increase of 45% compared to the typical daily volume of 116,281 call options.
Insiders Place Their Bets
In related 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 value of $604,125.00. Following the sale, the chief executive officer directly owned 8,263,862 shares in the company, valued at $133,130,816.82. This trade represents a 0.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Wesley Hastie Williams sold 28,169 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $22.26, for a total transaction of $627,041.94. Following the completion of the sale, the director owned 129,976 shares in the company, valued at $2,893,265.76. This represents a 17.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 244,398 shares of company stock worth $4,276,690 over the last ninety days. Company insiders own 2.63% of the company’s stock.
Institutional Investors Weigh In On Cipher Mining
A number of institutional investors have recently modified their holdings of CIFR. Sherman Asset Management Inc. bought a new stake in shares of Cipher Mining in the third quarter valued at about $25,000. Los Angeles Capital Management LLC acquired a new position in Cipher Mining in the fourth quarter valued at about $25,000. Arax Advisory Partners raised its stake in Cipher Mining by 274.2% in the fourth quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after purchasing an additional 1,338 shares in the last quarter. GAMMA Investing LLC raised its stake in Cipher Mining by 218.3% in the fourth quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock valued at $28,000 after purchasing an additional 1,286 shares in the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in Cipher Mining in the fourth quarter valued at about $28,000. Institutional investors own 12.26% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on CIFR shares. Rosenblatt Securities increased their target price on Cipher Mining from $24.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Keefe, Bruyette & Woods increased their target price on Cipher Mining from $23.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th. Jefferies Financial Group assumed coverage on Cipher Mining in a research note on Thursday. They set a “buy” rating and a $32.00 target price for the company. Needham & Company LLC raised their price target on shares of Cipher Mining from $22.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $40.50 price target on shares of Cipher Mining in a research note on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $26.87.
Get Our Latest Analysis on Cipher Mining
Cipher Mining Stock Down 6.0%
NASDAQ CIFR traded down $1.21 during trading hours on Monday, hitting $19.12. 22,920,889 shares of the company traded hands, compared to its average volume of 28,104,977. The business’s 50-day moving average is $16.58 and its 200-day moving average is $16.92. Cipher Mining has a twelve month low of $3.08 and a twelve month high of $25.52. The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.13 and a current ratio of 3.13. The stock has a market capitalization of $7.82 billion, a price-to-earnings ratio of -8.21 and a beta of 3.13.
Cipher Mining (NASDAQ:CIFR – Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). The business had revenue of $34.84 million during the quarter, compared to the consensus estimate of $36.12 million. Cipher Mining had a negative net margin of 427.79% and a negative return on equity of 117.65%. Cipher Mining’s revenue was down 28.8% compared to the same quarter last year. Sell-side analysts anticipate that Cipher Mining will post -0.8 earnings per share for the current year.
About Cipher Mining
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.