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

Cipher Mining Inc. (NASDAQ:CIFR) saw some unusual options trading on Tuesday. Investors purchased 19,116 call options on the stock. This is an increase of approximately 16% compared to the typical daily volume of 16,523 call options.

Hedge Funds Weigh In On Cipher Mining

A number of hedge funds have recently bought and sold shares of CIFR. State Street Corp increased its position in shares of Cipher Mining by 17.3% during the 3rd quarter. State Street Corp now owns 6,919,189 shares of the company’s stock valued at $26,777,000 after purchasing an additional 1,019,949 shares during the last quarter. Geode Capital Management LLC boosted its stake in Cipher Mining by 37.8% during the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after buying an additional 1,511,455 shares during the last quarter. Paloma Partners Management Co bought a new stake in Cipher Mining in the 3rd quarter worth approximately $4,029,000. The Manufacturers Life Insurance Company raised its stake in Cipher Mining by 47.4% during the third quarter. The Manufacturers Life Insurance Company now owns 98,941 shares of the company’s stock valued at $383,000 after purchasing an additional 31,815 shares in the last quarter. Finally, Barclays PLC grew its position in Cipher Mining by 377.2% in the third quarter. Barclays PLC now owns 296,493 shares of the company’s stock worth $1,147,000 after acquiring an additional 234,366 shares in the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Cipher Mining Trading Down 17.5 %

Shares of NASDAQ CIFR opened at $4.10 on Wednesday. The company has a market cap of $1.43 billion, a PE ratio of -31.54 and a beta of 2.41. Cipher Mining has a 52-week low of $2.65 and a 52-week high of $7.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The firm’s 50 day moving average price is $5.45 and its 200-day moving average price is $5.04.

Wall Street Analysts Forecast Growth

CIFR has been the topic of a number of analyst reports. JPMorgan Chase & Co. upgraded shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price for the company in a research note on Tuesday, December 10th. Keefe, Bruyette & Woods initiated coverage on Cipher Mining in a research note on Wednesday, January 8th. They set an “outperform” rating on the stock. Needham & Company LLC restated a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a research report on Friday, January 31st. Macquarie lifted their price objective on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research note on Friday, November 1st. Ten analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $8.14.

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.