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

Cipher Mining Inc. (NASDAQ:CIFR) was the target of unusually large options trading activity on Friday. Traders bought 202,715 call options on the company. This is an increase of approximately 92% compared to the average daily volume of 105,831 call options.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CIFR shares. Keefe, Bruyette & Woods lowered their price objective on shares of Cipher Mining from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 target price on shares of Cipher Mining in a report on Wednesday, March 25th. Zacks Research upgraded shares of Cipher Mining from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 25th. Wall Street Zen cut shares of Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Sunday, March 1st. Finally, Rosenblatt Securities reissued a “buy” rating and set a $24.00 price objective on shares of Cipher Mining in a research report on Thursday, March 26th. Fourteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.82.

Insider Activity at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 35,568 shares of Cipher Mining stock in a transaction on Monday, March 16th. The stock was sold at an average price of $14.98, for a total value of $532,808.64. Following the completion of the sale, the chief operating officer owned 1,441,508 shares of the company’s stock, valued at $21,593,789.84. The trade was a 2.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Cary M. Grossman sold 30,000 shares of the company’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $14.54, for a total value of $436,200.00. Following the sale, the director owned 170,530 shares of the company’s stock, valued at approximately $2,479,506.20. This trade represents a 14.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 148,229 shares of company stock valued at $2,283,968 in the last quarter. 2.63% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Sherman Asset Management Inc. purchased a new stake in Cipher Mining during the 3rd quarter valued at approximately $25,000. Los Angeles Capital Management LLC bought a new stake in Cipher Mining in the 4th quarter valued at $25,000. Arax Advisory Partners increased its holdings in Cipher Mining by 274.2% in the 4th quarter. Arax Advisory Partners now owns 1,826 shares of the company’s stock valued at $27,000 after acquiring an additional 1,338 shares during the last quarter. GAMMA Investing LLC lifted its stake in Cipher Mining by 218.3% in the 4th quarter. GAMMA Investing LLC now owns 1,875 shares of the company’s stock worth $28,000 after purchasing an additional 1,286 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new position in shares of Cipher Mining during the 4th quarter valued at about $28,000. 12.26% of the stock is owned by hedge funds and other institutional investors.

Cipher Mining Price Performance

NASDAQ:CIFR opened at $19.37 on Friday. The business’s 50-day simple moving average is $15.28 and its two-hundred day simple moving average is $16.66. Cipher Mining has a 52 week low of $2.32 and a 52 week high of $25.52. The stock has a market cap of $7.85 billion, a PE ratio of -8.97 and a beta of 3.01. The company has a quick ratio of 3.79, a current ratio of 3.79 and a debt-to-equity ratio of 3.37.

Cipher Mining Company Profile

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.