Cipher Mining Target of Unusually High Options Trading (NASDAQ:CIFR)

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of some unusual options trading activity on Tuesday. Traders acquired 19,116 call options on the stock. This is an increase of approximately 16% compared to the average daily volume of 16,523 call options.

Cipher Mining Price Performance

Shares of NASDAQ CIFR opened at $4.10 on Wednesday. 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 has a market cap of $1.43 billion, a PE ratio of -31.54 and a beta of 2.41. Cipher Mining has a one year low of $2.65 and a one year high of $7.99. The firm has a fifty day moving average of $5.45 and a 200 day moving average of $5.04.

Institutional Inflows and Outflows

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. BTIG Research upped their target price on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a research note on Friday, January 31st. Cantor Fitzgerald cut their target price on Cipher Mining from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 4th. 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. Finally, Macquarie increased their price target on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Ten analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average 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.