Short Interest in Cipher Mining Inc. (NASDAQ:CIFR) Grows By 14.7%

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CIFR shares. Cantor Fitzgerald restated an “overweight” rating and issued a $11.00 price target on shares of Cipher Mining in a research report on Tuesday, January 7th. Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a research note on Wednesday, September 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $7.50 target price on shares of Cipher Mining in a research note on Friday, November 1st. Keefe, Bruyette & Woods initiated coverage on shares of Cipher Mining in a research note on Wednesday, January 8th. They set an “outperform” rating on the stock. Finally, JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price on the stock in a research note on Tuesday, December 10th. Ten 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, Cipher Mining currently has a consensus rating of “Buy” and an average target price of $8.25.

Cipher Mining Trading Up 4.4 %

Shares of CIFR traded up $0.23 during trading on Friday, reaching $5.43. 8,558,961 shares of the company traded hands, compared to its average volume of 8,581,191. Cipher Mining has a twelve month low of $2.15 and a twelve month high of $7.99. The stock has a market cap of $1.89 billion, a PE ratio of -41.77 and a beta of 2.38. The stock has a 50-day simple moving average of $5.98 and a 200-day simple moving average of $4.97. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings results 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 company had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. During the same quarter in the prior year, the business earned ($0.07) earnings per share. On average, analysts anticipate that Cipher Mining will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the transaction, the insider now owns 99,047,588 shares in the company, valued at $616,075,997.36. This represents a 1.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Patrick Arthur Kelly sold 53,161 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the transaction, the chief operating officer now owns 664,270 shares of the company’s stock, valued at approximately $4,756,173.20. This trade represents a 7.41 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,356,881 shares of company stock worth $8,608,389. Company insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CIFR. Millennium Management LLC grew its holdings in shares of Cipher Mining by 122.8% in the second quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after purchasing an additional 2,938,184 shares in the last quarter. Tidal Investments LLC lifted its stake in Cipher Mining by 73.4% in the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after acquiring an additional 1,584,874 shares during the last quarter. Geode Capital Management LLC lifted its stake in Cipher Mining by 37.8% in the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock worth $21,327,000 after acquiring an additional 1,511,455 shares during the last quarter. Van ECK Associates Corp lifted its stake in Cipher Mining by 41.5% in the third quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock worth $15,094,000 after acquiring an additional 1,144,390 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new position in Cipher Mining in the third quarter worth approximately $4,029,000. Institutional investors and hedge funds own 12.26% of the company’s stock.

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.