Short Interest in Cipher Mining Inc. (NASDAQ:CIFR) Drops By 10.1%

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 23,300,000 shares, a decrease of 10.1% from the September 30th total of 25,930,000 shares. Approximately 10.6% of the company’s shares are sold short. Based on an average daily trading volume, of 9,230,000 shares, the days-to-cover ratio is currently 2.5 days.

Cipher Mining Stock Down 6.6 %

Shares of NASDAQ CIFR traded down $0.35 during mid-day trading on Thursday, reaching $4.93. 9,031,385 shares of the company were exchanged, compared to its average volume of 9,093,380. The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of 81.50 and a beta of 2.25. Cipher Mining has a 1 year low of $2.15 and a 1 year high of $7.99. The firm has a 50-day moving average of $3.92 and a 200 day moving average of $4.25.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The company had revenue of $36.81 million during the quarter, compared to analysts’ expectations of $39.17 million. During the same period last year, the business posted ($0.05) earnings per share. On average, research analysts expect that Cipher Mining will post -0.05 earnings per share for the current year.

Insider Activity

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the transaction, the insider now owns 99,047,588 shares in the company, valued at $616,075,997.36. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the completion of the sale, the insider now directly owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Patrick Arthur Kelly sold 89,742 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the transaction, the chief operating officer now directly owns 717,431 shares in the company, valued at approximately $3,135,173.47. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,943,078 shares of company stock valued at $23,609,769. 2.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cipher Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp raised its stake in Cipher Mining by 41.5% in the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after buying an additional 1,144,390 shares during the last quarter. Farther Finance Advisors LLC purchased a new stake in Cipher Mining in the third quarter valued at about $33,000. W Advisors LLC acquired a new position in shares of Cipher Mining in the third quarter valued at about $45,000. Sippican Capital Advisors acquired a new position in shares of Cipher Mining in the third quarter valued at about $72,000. Finally, Strategic Blueprint LLC increased its holdings in shares of Cipher Mining by 33.3% in the third quarter. Strategic Blueprint LLC now owns 20,000 shares of the company’s stock valued at $77,000 after purchasing an additional 5,000 shares during the period. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Compass Point upped their target price on Cipher Mining from $7.50 to $9.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $9.00 target price on shares of Cipher Mining in a report on Thursday, October 3rd. Macquarie assumed coverage on Cipher Mining in a report on Tuesday, September 24th. They issued an “outperform” rating and a $6.00 target price for the company. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Finally, Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Cipher Mining has an average rating of “Buy” and a consensus price target of $7.21.

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.