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

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of unusually large options trading on Tuesday. Stock investors bought 161,435 call options on the company. This represents an increase of approximately 29% compared to the average volume of 124,852 call options.

Institutional Trading of Cipher Mining

A number of institutional investors and hedge funds have recently made changes to their positions in CIFR. GK Wealth Management LLC purchased a new position in shares of Cipher Mining during the 3rd quarter valued at approximately $25,000. CoreCap Advisors LLC grew its stake in Cipher Mining by 41.7% in the 2nd quarter. CoreCap Advisors LLC now owns 1,700 shares of the company’s stock valued at $42,000 after acquiring an additional 500 shares during the period. Ancora Advisors LLC acquired a new stake in Cipher Mining in the 2nd quarter valued at $49,000. Harbor Investment Advisory LLC purchased a new stake in Cipher Mining in the 2nd quarter worth $58,000. Finally, EverSource Wealth Advisors LLC increased its holdings in Cipher Mining by 259.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,357 shares of the company’s stock worth $43,000 after acquiring an additional 2,423 shares in the last quarter. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Cipher Mining Price Performance

Shares of Cipher Mining stock traded down $1.67 on Tuesday, hitting $11.33. The company’s stock had a trading volume of 53,485,123 shares, compared to its average volume of 29,270,029. The company has a debt-to-equity ratio of 9.69, a quick ratio of 3.00 and a current ratio of 3.00. Cipher Mining has a 1 year low of $10.68 and a 1 year high of $30.14. The firm has a fifty day moving average price of $16.61 and a 200-day moving average price of $19.36. The company has a market capitalization of $4.70 billion, a price-to-earnings ratio of -3.97 and a beta of 3.20.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.40). The business had revenue of $24.84 million during the quarter, compared to analyst estimates of $31.86 million. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%. During the same period in the previous year, the company posted ($0.12) EPS. As a group, sell-side analysts anticipate that Cipher Mining will post -1.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on CIFR. JPMorgan Chase & Co. dropped their target price on Cipher Mining from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Keefe, Bruyette & Woods lowered their price objective on Cipher Mining from $32.00 to $28.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. UBS Group began coverage on shares of Cipher Mining in a research note on Wednesday, September 23rd. They set a “buy” rating and a $23.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating on shares of Cipher Mining in a report on Friday, September 25th. Finally, Chardan Capital reiterated a “buy” rating and issued a $32.00 target price on shares of Cipher Mining in a research note on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Cipher Mining currently has a consensus rating of “Moderate Buy” and an average price target of $28.72.

Cipher Mining Company Profile

Cipher Mining Inc is a digital asset mining company focused on developing and operating infrastructure for Bitcoin mining in the United States. The company runs large-scale data centers equipped with specialized application-specific integrated circuit (ASIC) machines that process transactions and secure the Bitcoin network.

In addition to mining Bitcoin, Cipher Mining develops and manages the supporting infrastructure required for its operations, including power procurement, electrical systems, cooling, site development and data center management.