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

Cipher Mining Inc. (NASDAQ:CIFR) saw unusually large options trading on Tuesday. Stock traders bought 19,116 call options on the stock. This represents an increase of approximately 16% compared to the average daily volume of 16,523 call options.

Cipher Mining Stock Down 21.2 %

NASDAQ CIFR traded down $1.06 during trading on Tuesday, reaching $3.91. 11,671,100 shares of the company’s stock traded hands, compared to its average volume of 11,689,743. Cipher Mining has a 12-month low of $2.65 and a 12-month high of $7.99. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.57 and a quick ratio of 2.57. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of -30.50 and a beta of 2.41. The company’s 50 day simple moving average is $5.45 and its two-hundred day simple moving average is $5.04.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data on Tuesday, February 25th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.16. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. As a group, sell-side analysts forecast that Cipher Mining will post -0.31 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in 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 report on Tuesday, December 10th. Needham & Company LLC reissued a “buy” rating and issued a $7.50 price objective on shares of Cipher Mining in a research report on Friday, January 31st. Northland Securities boosted their target price on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Cipher Mining in a report on Friday, November 1st. Finally, Cantor Fitzgerald dropped their price objective on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Tuesday, February 4th. Ten analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $8.14.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds have recently made changes to their positions in CIFR. Mackenzie Financial Corp lifted its position in shares of Cipher Mining by 26.6% during the fourth quarter. Mackenzie Financial Corp now owns 13,095 shares of the company’s stock valued at $61,000 after buying an additional 2,754 shares during the last quarter. GTS Securities LLC bought a new position in shares of Cipher Mining during the 4th quarter worth approximately $60,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Cipher Mining by 71.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 370,594 shares of the company’s stock valued at $1,720,000 after acquiring an additional 153,921 shares during the last quarter. Voloridge Investment Management LLC acquired a new stake in Cipher Mining in the fourth quarter valued at approximately $5,378,000. Finally, Vennlight Capital Management LP acquired a new stake in Cipher Mining in the fourth quarter valued at approximately $1,370,000. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.