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

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

Insider Activity at Cipher Mining

In other Cipher Mining 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 shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the completion of the transaction, the insider now owns 98,747,588 shares in the company, valued at $651,734,080.80. This represents a 0.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total value of $380,632.76. Following the transaction, the chief operating officer now directly owns 664,270 shares in the company, valued at approximately $4,756,173.20. The trade was a 7.41 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 356,881 shares of company stock worth $2,388,389. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CIFR. State Street Corp grew its position in shares of Cipher Mining by 17.3% during the third quarter. State Street Corp now owns 6,919,189 shares of the company’s stock worth $26,777,000 after acquiring an additional 1,019,949 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Cipher Mining by 37.8% in the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after buying an additional 1,511,455 shares in the last quarter. Paloma Partners Management Co purchased a new position in shares of Cipher Mining in the third quarter worth approximately $4,029,000. The Manufacturers Life Insurance Company raised its holdings in shares of Cipher Mining by 47.4% during the third quarter. The Manufacturers Life Insurance Company now owns 98,941 shares of the company’s stock valued at $383,000 after acquiring an additional 31,815 shares during the period. Finally, Duncan Williams Asset Management LLC purchased a new position in shares of Cipher Mining during the third quarter valued at $553,000. 12.26% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CIFR. Needham & Company LLC reiterated a “buy” rating and set a $7.50 target price on shares of Cipher Mining in a research note on Friday. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $11.00 target price on shares of Cipher Mining in a research note on Tuesday, January 7th. BTIG Research upped their price objective on shares of Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Finally, Northland Securities lifted their price target on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Ten equities 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.com, the stock currently has an average rating of “Buy” and an average target price of $8.25.

Cipher Mining Price Performance

CIFR opened at $5.73 on Monday. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. Cipher Mining has a twelve month low of $2.40 and a twelve month high of $7.99. The company has a fifty day simple moving average of $5.67 and a 200 day simple moving average of $4.99. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of -44.07 and a beta of 2.38.

Cipher Mining (NASDAQ:CIFR) last issued its earnings results on Thursday, October 31st. The company reported ($0.26) earnings per share (EPS) 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 company had revenue of $24.10 million during the quarter, compared to analyst estimates of $25.84 million. During the same quarter last year, the company posted ($0.07) EPS. Equities research analysts expect that Cipher Mining will post -0.31 EPS for the current fiscal year.

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.