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

Cipher Mining Inc. (NASDAQ:CIFR) saw a significant decline in short interest in the month of October. As of October 15th, there was short interest totalling 23,300,000 shares, a decline of 10.1% from the September 30th total of 25,930,000 shares. Based on an average daily trading volume, of 9,230,000 shares, the days-to-cover ratio is currently 2.5 days. Currently, 10.6% of the company’s shares are sold short.

Cipher Mining Price Performance

CIFR opened at $4.93 on Friday. The company has a quick ratio of 8.49, a current ratio of 8.49 and a debt-to-equity ratio of 0.01. The company’s 50-day moving average price is $3.94 and its 200 day moving average price is $4.25. Cipher Mining has a fifty-two week low of $2.15 and a fifty-two week high of $7.99. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of 82.17 and a beta of 2.25.

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

Analysts Set New Price Targets

A number of brokerages have weighed in on CIFR. Compass Point raised their price objective on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Stifel Canada upgraded shares of Cipher Mining to a “strong-buy” rating in a research note on Tuesday, August 6th. Needham & Company LLC increased their price objective on shares of Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 target price on shares of Cipher Mining in a research report on Thursday, August 29th. Finally, Northland Capmk raised shares of Cipher Mining to a “strong-buy” rating in a research report on Wednesday, September 25th. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $7.21.

Insiders Place Their Bets

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $2.74, for a total value of $5,209,046.88. Following the completion of the sale, the insider now owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $2.74, for a total transaction of $5,209,046.88. Following the transaction, the insider now directly owns 103,946,004 shares of the company’s stock, valued at approximately $284,812,050.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider William Iwaschuk sold 150,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were 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 of the company’s stock, valued at approximately $2,439,443.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,943,078 shares of company stock worth $23,609,769 over the last ninety days. 2.25% of the stock is owned by company insiders.

Institutional Trading of Cipher Mining

Large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Cipher Mining by 62.0% in the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock valued at $29,134,000 after purchasing an additional 2,164,383 shares during the period. Van ECK Associates Corp increased its position in shares of Cipher Mining by 38.9% during the 1st quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock valued at $14,079,000 after purchasing an additional 765,238 shares during the period. Dark Forest Capital Management LP bought a new stake in shares of Cipher Mining in the 2nd quarter worth $1,332,000. Swiss National Bank lifted its holdings in shares of Cipher Mining by 27.0% in the first quarter. Swiss National Bank now owns 125,600 shares of the company’s stock valued at $647,000 after buying an additional 26,700 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Cipher Mining by 243.2% during the second quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock valued at $2,279,000 after buying an additional 389,079 shares in the last quarter. 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.