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

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of unusually large options trading activity on Friday. Stock traders acquired 64,646 call options on the company. This represents an increase of approximately 339% compared to the average volume of 14,714 call options.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CIFR. Needham & Company LLC restated a “buy” rating and issued a $5.00 target price on shares of Cipher Mining in a report on Friday, June 7th. Canaccord Genuity Group restated a “buy” rating and issued a $6.00 target price (up previously from $5.50) on shares of Cipher Mining in a report on Wednesday, May 8th. Cantor Fitzgerald started coverage on shares of Cipher Mining in a research report on Tuesday, June 11th. They issued an “overweight” rating and a $9.00 price target for the company. Finally, HC Wainwright upped their price target on shares of Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.25.

Cipher Mining Stock Performance

Shares of CIFR opened at $4.56 on Friday. Cipher Mining has a one year low of $2.15 and a one year high of $5.89. The company has a 50-day moving average of $4.13 and a two-hundred day moving average of $3.76. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 76.01 and a beta of 2.28. The company has a debt-to-equity ratio of 0.02, a current ratio of 8.08 and a quick ratio of 8.08.

Cipher Mining (NASDAQ:CIFR) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.13 earnings per share (EPS) for the quarter. The business had revenue of $48.14 million during the quarter, compared to analyst estimates of $50.05 million. Cipher Mining had a net margin of 13.54% and a return on equity of 4.66%.

Insider Transactions at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 376,320 shares of Cipher Mining stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $4.82, for a total value of $1,813,862.40. Following the sale, the insider now owns 114,053,847 shares in the company, valued at $549,739,542.54. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 2,897,358 shares of company stock worth $12,352,745 over the last 90 days. 2.25% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently modified their holdings of the stock. First Financial Bankshares Inc bought a new position in shares of Cipher Mining during the fourth quarter valued at $9,901,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Cipher Mining by 30.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 47,148 shares of the company’s stock worth $185,000 after buying an additional 10,998 shares during the period. Exchange Traded Concepts LLC grew its position in shares of Cipher Mining by 107.4% during the 4th quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock worth $2,862,000 after buying an additional 358,897 shares during the period. Shariaportfolio Inc. acquired a new position in shares of Cipher Mining in the 4th quarter valued at approximately $2,460,000. Finally, Wolverine Asset Management LLC acquired a new position in Cipher Mining during the 4th quarter worth approximately $49,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.