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

Cipher Mining Inc. (NASDAQ:CIFR) was the target of a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 17,460,000 shares, a growth of 34.4% from the February 29th total of 12,990,000 shares. Based on an average daily volume of 10,550,000 shares, the short-interest ratio is currently 1.7 days. Approximately 11.6% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Cipher Mining in a research note on Monday, March 18th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 price objective on shares of Cipher Mining in a research note on Thursday. Canaccord Genuity Group reissued a “buy” rating and set a $5.50 price target on shares of Cipher Mining in a research note on Thursday. Finally, HC Wainwright reissued a “buy” rating and set a $4.50 price target on shares of Cipher Mining in a research note on Tuesday, March 5th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.25.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Exchange Traded Concepts LLC increased its holdings in Cipher Mining by 107.4% during the 4th quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company’s stock worth $2,862,000 after purchasing an additional 358,897 shares during the period. Vontobel Holding Ltd. increased its holdings in shares of Cipher Mining by 149.9% in the 3rd quarter. Vontobel Holding Ltd. now owns 58,256 shares of the company’s stock valued at $136,000 after acquiring an additional 34,947 shares during the period. Swiss National Bank purchased a new position in shares of Cipher Mining in the 3rd quarter valued at $255,000. Van ECK Associates Corp increased its holdings in shares of Cipher Mining by 22.3% in the 3rd quarter. Van ECK Associates Corp now owns 1,403,549 shares of the company’s stock valued at $3,270,000 after acquiring an additional 256,097 shares during the period. Finally, Barclays PLC increased its holdings in shares of Cipher Mining by 93.4% in the 3rd quarter. Barclays PLC now owns 15,982 shares of the company’s stock valued at $37,000 after acquiring an additional 7,720 shares during the period. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

Cipher Mining Trading Down 3.4 %

Shares of CIFR stock traded down $0.18 on Friday, reaching $5.15. 14,473,601 shares of the company’s stock were exchanged, compared to its average volume of 10,931,026. The company’s fifty day simple moving average is $3.49 and its 200 day simple moving average is $3.21. The stock has a market capitalization of $1.53 billion, a PE ratio of -51.49 and a beta of 2.06. Cipher Mining has a 52 week low of $1.76 and a 52 week high of $5.75. The company has a current ratio of 4.60, a quick ratio of 4.60 and a debt-to-equity ratio of 0.02.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.12. The company had revenue of $43.42 million for the quarter, compared to the consensus estimate of $35.73 million. Cipher Mining had a negative return on equity of 6.78% and a negative net margin of 20.32%. As a group, analysts forecast that Cipher Mining will post -0.22 EPS for the current 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.