Stock Traders Purchase High Volume of Cipher Mining Call Options (NASDAQ:CIFR)

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of some unusual options trading on Tuesday. Stock investors bought 19,116 call options on the company. This is an increase of approximately 16% compared to the typical daily volume of 16,523 call options.

Analysts Set New Price Targets

Several research firms have issued reports on CIFR. Canaccord Genuity Group restated a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Macquarie lifted their target price on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a report on Thursday, November 7th. Northland Securities increased their price target on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Cantor Fitzgerald decreased their target price on shares of Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Tuesday, February 4th. Finally, BTIG Research raised their price target on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a report on Friday, November 15th. Ten investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $8.14.

Hedge Funds Weigh In On Cipher Mining

Hedge funds have recently modified their holdings of the stock. V3 Holding Ltd purchased a new position in shares of Cipher Mining during the fourth quarter valued at about $452,713,000. Lone Pine Capital LLC bought a new stake in Cipher Mining in the 4th quarter worth approximately $10,878,000. Helix Partners Management LP purchased a new stake in shares of Cipher Mining during the 4th quarter worth approximately $10,426,000. Driehaus Capital Management LLC bought a new position in shares of Cipher Mining during the 4th quarter valued at approximately $9,439,000. Finally, Tidal Investments LLC grew its holdings in shares of Cipher Mining by 73.4% in the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock valued at $14,485,000 after purchasing an additional 1,584,874 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Stock Performance

CIFR traded down $1.06 during midday trading on Tuesday, reaching $3.91. The company had a trading volume of 11,671,100 shares, compared to its average volume of 11,689,743. Cipher Mining has a 1 year low of $2.65 and a 1 year high of $7.99. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The company has a market cap of $1.36 billion, a P/E ratio of -30.50 and a beta of 2.41. The business has a 50-day moving average of $5.45 and a two-hundred day moving average of $5.04.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, February 25th. The company reported $0.06 earnings per share for the quarter, topping 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, equities research analysts predict that Cipher Mining will post -0.31 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.