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

Cipher Mining Inc. (NASDAQ:CIFR) saw unusually large options trading on Thursday. Stock traders bought 24,472 call options on the company. This represents an increase of 82% compared to the typical daily volume of 13,465 call options.

Institutional Investors Weigh In On Cipher Mining

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Cipher Mining by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 3,492,636 shares of the company’s stock valued at $14,425,000 after buying an additional 177,676 shares in the last quarter. BlackRock Inc. raised its position in shares of Cipher Mining by 18.5% during the 2nd quarter. BlackRock Inc. now owns 2,433,554 shares of the company’s stock worth $6,960,000 after acquiring an additional 379,931 shares in the last quarter. First Financial Bankshares Inc purchased a new stake in Cipher Mining during the fourth quarter worth approximately $9,901,000. State Street Corp boosted its holdings in Cipher Mining by 208.0% in the second quarter. State Street Corp now owns 2,197,387 shares of the company’s stock valued at $6,285,000 after purchasing an additional 1,483,836 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in Cipher Mining by 40.3% in the fourth quarter. Van ECK Associates Corp now owns 1,968,505 shares of the company’s stock valued at $8,130,000 after purchasing an additional 564,956 shares in the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CIFR has been the subject of a number of research reports. HC Wainwright reaffirmed a “buy” rating and issued a $4.50 price objective on shares of Cipher Mining in a research note on Tuesday, March 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 target price on shares of Cipher Mining in a research report on Monday, March 18th. Canaccord Genuity Group reissued a “buy” rating and set a $5.50 price target on shares of Cipher Mining in a research report on Thursday, March 28th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $5.00 price objective on shares of Cipher Mining in a research note on Thursday, March 28th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $5.25.

Cipher Mining Stock Up 11.1 %

CIFR stock traded up $0.38 during mid-day trading on Thursday, reaching $3.80. The company had a trading volume of 2,810,532 shares, compared to its average volume of 8,796,576. The firm has a fifty day simple moving average of $3.84 and a 200 day simple moving average of $3.35. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.60 and a current ratio of 4.60. The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of -38.10 and a beta of 2.22. Cipher Mining has a fifty-two week low of $1.76 and a fifty-two week high of $5.75.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.12. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. The firm had revenue of $43.42 million for the quarter, compared to analysts’ expectations of $35.73 million. Analysts forecast that Cipher Mining will post -0.15 earnings per share for the current fiscal year.

About Cipher Mining

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.