Short Interest in Cipher Mining Inc. (NASDAQ:CIFR) Rises By 16.0%

Cipher Mining Inc. (NASDAQ:CIFR) saw a large increase in short interest in the month of September. As of September 30th, there was short interest totalling 25,930,000 shares, an increase of 16.0% from the September 15th total of 22,360,000 shares. Approximately 11.8% of the shares of the company are short sold. Based on an average daily trading volume, of 9,520,000 shares, the short-interest ratio is currently 2.7 days.

Cipher Mining Price Performance

CIFR stock traded up $0.63 during mid-day trading on Wednesday, hitting $5.01. 15,034,718 shares of the stock were exchanged, compared to its average volume of 9,031,028. The business has a fifty day moving average price of $3.62 and a 200 day moving average price of $4.16. Cipher Mining has a 12 month low of $2.15 and a 12 month high of $7.99. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 83.50 and a beta of 2.25.

Cipher Mining (NASDAQ:CIFR) last released its earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The company had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. During the same quarter in the previous year, the company posted ($0.05) EPS. On average, sell-side analysts anticipate that Cipher Mining will post -0.04 EPS for the current year.

Insider Buying and Selling

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the sale, the insider now owns 107,748,228 shares of the company’s stock, valued at $325,399,648.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider William Iwaschuk sold 150,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was 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 in the company, valued at $2,439,443.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $3.02, for a total transaction of $5,741,358.24. Following the completion of the sale, the insider now directly owns 107,748,228 shares in the company, valued at approximately $325,399,648.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,462,980 shares of company stock valued at $20,795,679. Company insiders own 2.25% of the company’s stock.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. lifted its stake in Cipher Mining by 21.7% in the second quarter. Victory Capital Management Inc. now owns 23,895 shares of the company’s stock worth $99,000 after purchasing an additional 4,256 shares during the last quarter. Amalgamated Bank lifted its stake in shares of Cipher Mining by 321.8% in the 2nd quarter. Amalgamated Bank now owns 5,973 shares of the company’s stock valued at $25,000 after acquiring an additional 4,557 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its stake in shares of Cipher Mining by 50.0% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock valued at $62,000 after acquiring an additional 5,000 shares during the last quarter. Gabelli Funds LLC boosted its holdings in Cipher Mining by 25.0% during the 1st quarter. Gabelli Funds LLC now owns 50,000 shares of the company’s stock valued at $258,000 after acquiring an additional 10,000 shares during the period. Finally, Janney Montgomery Scott LLC bought a new position in Cipher Mining during the 1st quarter worth approximately $52,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on CIFR. Needham & Company LLC increased their target price on shares of Cipher Mining from $5.00 to $7.50 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Macquarie assumed coverage on Cipher Mining in a research note on Tuesday, September 24th. They set an “outperform” rating and a $6.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and set a $9.00 target price on shares of Cipher Mining in a research report on Thursday, October 3rd. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. Finally, Compass Point lifted their price target on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $7.21.

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.