Cipher Mining Inc. (NASDAQ:CIFR) Short Interest Down 5.5% in November

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of a large decline in short interest in November. As of November 30th, there was short interest totalling 22,680,000 shares, a decline of 5.5% from the November 15th total of 24,010,000 shares. Based on an average trading volume of 10,680,000 shares, the short-interest ratio is presently 2.1 days. Currently, 9.7% of the company’s stock are short sold.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. BTIG Research boosted their target price on Cipher Mining from $6.00 to $9.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Needham & Company LLC restated a “buy” rating and set a $7.50 price target on shares of Cipher Mining in a research note on Friday, November 1st. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research report on Friday, November 1st. Northland Securities lifted their target price on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Nine analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Cipher Mining presently has a consensus rating of “Buy” and a consensus target price of $8.03.

Insider Transactions at Cipher Mining

In related news, COO Patrick Arthur Kelly sold 53,161 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $7.16, for a total transaction of $380,632.76. Following the completion of the transaction, the chief operating officer now owns 664,270 shares in the company, valued at $4,756,173.20. The trade was a 7.41 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider William Iwaschuk sold 150,000 shares of the 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 directly owns 619,148 shares of the company’s stock, valued at $2,439,443.12. The trade was a 19.50 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,593,503 shares of company stock valued at $9,568,005. Corporate insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Institutional investors and hedge funds have recently modified their holdings of the stock. Amalgamated Bank grew its holdings in Cipher Mining by 321.8% during the second quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock worth $25,000 after acquiring an additional 4,557 shares during the period. Farther Finance Advisors LLC acquired a new stake in shares of Cipher Mining during the 3rd quarter worth approximately $33,000. Xponance Inc. purchased a new position in shares of Cipher Mining during the 2nd quarter valued at approximately $45,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Cipher Mining in the 1st quarter valued at $59,000. Finally, W Advisors LLC acquired a new position in shares of Cipher Mining in the 3rd quarter valued at $45,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR opened at $7.39 on Tuesday. Cipher Mining has a twelve month low of $2.15 and a twelve month high of $7.99. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The company has a market cap of $2.57 billion, a PE ratio of -51.00 and a beta of 2.29. The company’s 50 day moving average is $5.84 and its 200 day moving average is $4.80.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.18). The business had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same quarter in the previous year, the company earned ($0.07) EPS. On average, sell-side analysts forecast that Cipher Mining will post -0.18 EPS for the current year.

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.