Cipher Mining Inc. (NASDAQ:CIFR) Sees Significant Growth in Short Interest

Cipher Mining Inc. (NASDAQ:CIFR) was the target of a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 20,180,000 shares, an increase of 14.5% from the May 31st total of 17,630,000 shares. Approximately 10.7% of the shares of the stock are short sold. Based on an average trading volume of 8,160,000 shares, the short-interest ratio is presently 2.5 days.

Cipher Mining Trading Up 2.2 %

Shares of Cipher Mining stock opened at $4.24 on Monday. Cipher Mining has a fifty-two week low of $2.15 and a fifty-two week high of $5.89. The firm has a market cap of $1.31 billion, a PE ratio of 69.18 and a beta of 2.29. The business’s fifty day moving average is $4.19 and its two-hundred day moving average is $3.83. The company has a quick ratio of 8.08, a current ratio of 8.08 and a debt-to-equity ratio of 0.02.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.13 earnings per share for the quarter. Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%. The company had revenue of $48.14 million for the quarter, compared to analyst estimates of $50.05 million.

Insider Buying and Selling

In related news, major shareholder Top Holdco B.V. Bitfury sold 296,357 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $3.99, for a total value of $1,182,464.43. Following the sale, the insider now owns 118,223,411 shares in the company, valued at approximately $471,711,409.89. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 4,202,460 shares of company stock worth $18,467,001 in the last quarter. Company insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. B. Riley Wealth Advisors Inc. lifted its stake in shares of Cipher Mining by 50.0% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock worth $62,000 after purchasing an additional 5,000 shares during the period. Barclays PLC raised its position in shares of Cipher Mining by 93.4% in the 3rd quarter. Barclays PLC now owns 15,982 shares of the company’s stock worth $37,000 after buying an additional 7,720 shares during the period. Janney Montgomery Scott LLC purchased a new position in shares of Cipher Mining in the 1st quarter worth $52,000. Gabelli Funds LLC raised its position in shares of 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 buying an additional 10,000 shares during the period. Finally, California State Teachers Retirement System raised its position in shares of Cipher Mining by 19.4% in the 1st quarter. California State Teachers Retirement System now owns 61,546 shares of the company’s stock worth $317,000 after buying an additional 10,019 shares during the period. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CIFR shares. Needham & Company LLC restated a “buy” rating and issued a $5.00 price target on shares of Cipher Mining in a report on Friday, June 7th. Cantor Fitzgerald began coverage on Cipher Mining in a report on Tuesday, June 11th. They set an “overweight” rating and a $9.00 target price on the stock. Canaccord Genuity Group reiterated a “buy” rating and set a $6.00 target price (up previously from $5.50) on shares of Cipher Mining in a report on Wednesday, May 8th. Finally, HC Wainwright increased their target price on Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a report on Thursday, June 6th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $6.25.

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.