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

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of a large growth in short interest in 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. Approximately 11.6% of the company’s stock are short sold. Based on an average daily trading volume, of 10,550,000 shares, the short-interest ratio is currently 1.7 days.

Analysts Set New Price Targets

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

Cipher Mining Trading Down 3.4 %

Cipher Mining stock traded down $0.18 during trading hours on Friday, reaching $5.15. 14,473,601 shares of the company’s stock traded hands, compared to its average volume of 10,931,026. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.60 and a current ratio of 4.60. Cipher Mining has a fifty-two week low of $1.76 and a fifty-two week high of $5.75. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of -51.49 and a beta of 2.06. The firm’s 50 day moving average is $3.49 and its 200-day moving average is $3.21.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 20.32% and a negative return on equity of 6.78%. On average, analysts predict that Cipher Mining will post -0.22 earnings per share for the current year.

Institutional Trading of Cipher Mining

Several hedge funds have recently bought and sold shares of the stock. First Financial Bankshares Inc bought a new position in shares of Cipher Mining during the 4th quarter worth approximately $9,901,000. State Street Corp grew its stake in shares of Cipher Mining by 208.0% in the second quarter. State Street Corp now owns 2,197,387 shares of the company’s stock valued at $6,285,000 after buying an additional 1,483,836 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Cipher Mining by 103.8% in the first quarter. Vanguard Group Inc. now owns 1,893,078 shares of the company’s stock valued at $6,891,000 after buying an additional 964,326 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Cipher Mining by 221.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 968,670 shares of the company’s stock valued at $2,770,000 after buying an additional 667,152 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of Cipher Mining by 1,738.2% in the fourth quarter. Renaissance Technologies LLC now owns 645,200 shares of the company’s stock valued at $361,000 after buying an additional 610,100 shares in the last quarter. 12.26% of the stock is currently owned by institutional investors and hedge funds.

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.