Short Interest in Cipher Mining Inc. (NASDAQ:CIFR) Increases By 16.0%

Cipher Mining Inc. (NASDAQ:CIFR) was the target of a large growth in short interest in September. As of September 30th, there was short interest totalling 25,930,000 shares, a growth of 16.0% from the September 15th total of 22,360,000 shares. Currently, 11.8% of the company’s stock are sold short. Based on an average trading volume of 9,520,000 shares, the days-to-cover ratio is currently 2.7 days.

Cipher Mining Stock Performance

CIFR stock traded up $0.63 during trading on Wednesday, hitting $5.01. 15,034,718 shares of the company’s stock traded hands, compared to its average volume of 9,031,028. The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01. Cipher Mining has a 52 week low of $2.15 and a 52 week high of $7.99. The stock has a fifty day moving average price of $3.64 and a two-hundred day moving average price of $4.17. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 83.50 and a beta of 2.25.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). The company had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. During the same period in the previous year, the firm posted ($0.05) earnings per share. As a group, equities analysts anticipate that Cipher Mining will post -0.04 EPS for the current fiscal year.

Insider Activity at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the business’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $6.23, for a total transaction of $3,798,082.12. Following the transaction, the insider now owns 109,911,187 shares in the company, valued at $684,746,695.01. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 609,644 shares of the stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $6.23, for a total value of $3,798,082.12. Following the completion of the sale, the insider now owns 109,911,187 shares of the company’s stock, valued at $684,746,695.01. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William Iwaschuk sold 150,000 shares of Cipher Mining stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total transaction of $591,000.00. Following the sale, the insider now owns 619,148 shares in the company, valued at $2,439,443.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,462,980 shares of company stock worth $20,795,679. 2.25% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its stake in Cipher Mining by 21.7% in the second quarter. Victory Capital Management Inc. now owns 23,895 shares of the company’s stock valued at $99,000 after buying an additional 4,256 shares during the last quarter. Amalgamated Bank lifted its position in Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after purchasing an additional 4,557 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in Cipher Mining by 50.0% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock valued at $62,000 after purchasing an additional 5,000 shares during the period. Gabelli Funds LLC grew its position in Cipher Mining by 25.0% in the 1st quarter. Gabelli Funds LLC now owns 50,000 shares of the company’s stock worth $258,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Janney Montgomery Scott LLC bought a new stake in shares of Cipher Mining during the first quarter valued at approximately $52,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CIFR shares. Canaccord Genuity Group restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a research note on Thursday, August 29th. Northland Securities assumed coverage on shares of Cipher Mining in a research note on Wednesday, September 25th. They issued an “outperform” rating and a $6.00 price target for the company. Compass Point increased their price objective on shares of Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Cantor Fitzgerald reissued an “overweight” rating and issued a $9.00 target price on shares of Cipher Mining in a research report on Thursday, October 3rd. Finally, Needham & Company LLC increased their price target on shares of Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a research report on Wednesday, August 14th. Seven investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $7.21.

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.