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

Cipher Mining Inc. (NASDAQ:CIFR) saw a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 22,680,000 shares, a decline of 5.5% from the November 15th total of 24,010,000 shares. Approximately 9.7% of the shares of the company are short sold. Based on an average daily volume of 10,680,000 shares, the days-to-cover ratio is presently 2.1 days.

Insider Activity at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the transaction, the insider now owns 99,047,588 shares of the company’s stock, valued at approximately $616,075,997.36. This represents a 1.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider William Iwaschuk sold 150,000 shares of Cipher Mining stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $3.94, for a total value of $591,000.00. Following the sale, the insider now directly owns 619,148 shares of the company’s stock, valued at $2,439,443.12. This represents a 19.50 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,593,503 shares of company stock worth $9,568,005. 2.25% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CIFR. State Street Corp increased 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 valued at $26,777,000 after acquiring an additional 1,019,949 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Cipher Mining by 37.8% during the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after purchasing an additional 1,511,455 shares during the last quarter. Millennium Management LLC lifted its position in Cipher Mining by 122.8% during 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 during the period. Van ECK Associates Corp boosted its holdings 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 purchasing an additional 1,144,390 shares during the last quarter. Finally, Tidal Investments LLC grew its position in Cipher Mining by 73.4% in the 3rd quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after purchasing an additional 1,584,874 shares during the period. 12.26% of the stock is currently owned by institutional investors.

Cipher Mining Stock Down 2.2 %

Shares of NASDAQ CIFR opened at $7.23 on Wednesday. The firm’s fifty day moving average is $5.91 and its 200 day moving average is $4.82. Cipher Mining has a 52 week low of $2.15 and a 52 week high of $7.99. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. The company has a market cap of $2.51 billion, a price-to-earnings ratio of -55.62 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last issued its quarterly earnings data 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). The business had revenue of $24.10 million during the quarter, compared to the consensus estimate of $25.84 million. Cipher Mining had a negative return on equity of 8.29% and a negative net margin of 33.39%. During the same quarter in the prior year, the business posted ($0.07) earnings per share. On average, equities research analysts expect that Cipher Mining will post -0.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CIFR shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $9.00 target price on shares of Cipher Mining in a research note on Thursday, October 3rd. BTIG Research increased their target price on Cipher Mining from $6.00 to $9.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Macquarie lifted their price target on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Northland Capmk upgraded Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Finally, Northland Securities raised their price objective on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Nine analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $8.03.

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.