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

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) was the recipient of unusually large options trading on Monday. Traders bought 22,209 call options on the company. This is an increase of 68% compared to the typical volume of 13,195 call options.

Cipher Mining Price Performance

Shares of Cipher Mining stock traded down $0.32 on Monday, hitting $3.48. 31,098,014 shares of the company traded hands, compared to its average volume of 12,962,499. The firm's 50-day simple moving average is $3.30 and its 200 day simple moving average is $4.13. Cipher Mining has a 12-month low of $1.86 and a 12-month high of $7.99. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.01. The company has a market cap of $1.17 billion, a P/E ratio of -9.65 and a beta of 2.58.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). The firm had revenue of $48.96 million for the quarter, compared to analyst estimates of $53.57 million. Cipher Mining had a negative return on equity of 17.77% and a negative net margin of 81.21%. Analysts expect that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on CIFR. HC Wainwright reaffirmed a "buy" rating on shares of Cipher Mining in a report on Tuesday, May 6th. JPMorgan Chase & Co. lowered shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a research report on Thursday, March 13th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $8.00 target price on shares of Cipher Mining in a report on Thursday, May 8th. Cantor Fitzgerald raised their price target on shares of Cipher Mining from $4.00 to $6.00 and gave the company an "overweight" rating in a report on Thursday, June 5th. Finally, Needham & Company LLC reduced their price target on shares of Cipher Mining from $7.50 to $7.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Cipher Mining currently has a consensus rating of "Buy" and an average target price of $7.63.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CIFR. NewEdge Advisors LLC purchased a new stake in Cipher Mining during the 4th quarter valued at about $29,000. Rafferty Asset Management LLC bought a new stake in Cipher Mining in the fourth quarter valued at approximately $49,000. Captrust Financial Advisors bought a new stake in Cipher Mining in the fourth quarter valued at approximately $54,000. Stoneridge Investment Partners LLC purchased a new stake in shares of Cipher Mining during the first quarter valued at approximately $29,000. Finally, GTS Securities LLC bought a new position in shares of Cipher Mining in the fourth quarter worth approximately $60,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

Cipher Mining Company Profile

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.

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