Cipher Mining Inc. (NASDAQ:CIFR) Sees Large Increase in Short Interest

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of a large growth in short interest during the month of January. As of January 15th, there was short interest totalling 22,680,000 shares, a growth of 14.7% from the December 31st total of 19,770,000 shares. Based on an average daily volume of 10,470,000 shares, the days-to-cover ratio is currently 2.2 days. Approximately 9.5% of the company’s stock are short sold.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Macquarie upped their target price on Cipher Mining from $6.00 to $7.25 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $11.00 target price on shares of Cipher Mining in a research report on Tuesday, January 7th. BTIG Research upped their target price on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Friday, November 15th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of Cipher Mining in a research report on Friday, November 1st. Finally, Keefe, Bruyette & Woods assumed coverage on Cipher Mining in a research report on Wednesday, January 8th. They set an “outperform” rating on the stock. Ten research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $8.25.

Cipher Mining Stock Up 21.9 %

Shares of CIFR stock opened at $5.73 on Monday. The stock’s 50-day simple moving average is $5.67 and its 200-day simple moving average is $4.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. The firm has a market capitalization of $1.99 billion, a PE ratio of -44.07 and a beta of 2.38. Cipher Mining has a fifty-two week low of $2.40 and a fifty-two week high of $7.99.

Cipher Mining (NASDAQ:CIFR) last announced 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). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The firm had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. During the same period in the prior year, the company posted ($0.07) earnings per share. Equities analysts expect that Cipher Mining will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $6.60, for a total transaction of $1,980,000.00. Following the completion of the sale, the insider now directly owns 98,747,588 shares in the company, valued at $651,734,080.80. This represents a 0.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, COO Patrick Arthur Kelly sold 53,161 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the sale, the chief operating officer now owns 664,270 shares of the company’s stock, valued at $4,756,173.20. This trade represents a 7.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 356,881 shares of company stock worth $2,388,389 in the last three months. 2.25% of the stock is owned by insiders.

Institutional Trading of Cipher Mining

Hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC boosted its stake in shares of Cipher Mining by 912.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company’s stock worth $28,000 after buying an additional 5,432 shares during the last quarter. Farther Finance Advisors LLC purchased a new stake in shares of Cipher Mining in the third quarter worth about $33,000. Xponance Inc. purchased a new stake in shares of Cipher Mining in the second quarter worth about $45,000. W Advisors LLC purchased a new stake in shares of Cipher Mining in the third quarter worth about $45,000. Finally, KBC Group NV purchased a new stake in shares of Cipher Mining in the fourth quarter worth about $46,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.