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

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of some unusual options trading activity on Tuesday. Traders acquired 161,435 call options on the stock. This is an increase of approximately 29% compared to the average daily volume of 124,852 call options.

Institutional Trading of Cipher Mining

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE lifted its holdings in shares of Cipher Mining by 237.7% during the first quarter. Bank of America Corp DE now owns 1,414,667 shares of the company’s stock worth $18,207,000 after purchasing an additional 995,735 shares during the period. Moore Capital Management LP acquired a new stake in Cipher Mining during the 2nd quarter valued at approximately $35,077,000. Wellington Management Group LLP boosted its holdings in shares of Cipher Mining by 567.1% in the 2nd quarter. Wellington Management Group LLP now owns 3,985,806 shares of the company’s stock valued at $97,652,000 after acquiring an additional 3,388,359 shares during the last quarter. Purpose Unlimited Inc. purchased a new stake in shares of Cipher Mining in the 4th quarter valued at $1,558,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new position in Cipher Mining during the first quarter valued at $2,188,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CIFR. HC Wainwright reissued a “buy” rating on shares of Cipher Mining in a research note on Friday, September 25th. JPMorgan Chase & Co. decreased their target price on Cipher Mining from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Keefe, Bruyette & Woods cut their price target on Cipher Mining from $32.00 to $28.00 and set an “outperform” rating on the stock in a research note on Thursday, August 6th. Morgan Stanley cut their target price on shares of Cipher Mining from $54.00 to $51.50 and set an “overweight” rating on the stock in a research report on Monday. Finally, Freedom Capital upgraded shares of Cipher Mining to a “hold” rating in a report on Friday, September 18th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $28.72.

Cipher Mining Stock Down 12.8%

Shares of NASDAQ:CIFR traded down $1.67 during trading on Tuesday, reaching $11.33. The stock had a trading volume of 53,485,123 shares, compared to its average volume of 29,270,029. Cipher Mining has a one year low of $10.68 and a one year high of $30.14. The company has a market capitalization of $4.70 billion, a P/E ratio of -3.97 and a beta of 3.20. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 9.69. The firm’s 50-day simple moving average is $16.61 and its 200 day simple moving average is $19.36.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.40). Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%. The firm had revenue of $24.84 million for the quarter, compared to the consensus estimate of $31.86 million. During the same quarter last year, the firm earned ($0.12) EPS. As a group, research analysts expect that Cipher Mining will post -1.36 EPS for the current fiscal year.

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.