Short Interest in Cipher Mining Inc. (NASDAQ:CIFR) Increases By 14.5%

Cipher Mining Inc. (NASDAQ:CIFR) was the target of a large growth in short interest in June. As of June 15th, there was short interest totalling 20,180,000 shares, a growth of 14.5% from the May 31st total of 17,630,000 shares. Currently, 10.7% of the company’s stock are sold short. Based on an average daily trading volume, of 8,160,000 shares, the short-interest ratio is presently 2.5 days.

Cipher Mining Stock Down 0.4 %

Cipher Mining stock traded down $0.02 during midday trading on Wednesday, hitting $4.56. 3,179,370 shares of the stock were exchanged, compared to its average volume of 8,777,680. Cipher Mining has a 52-week low of $2.15 and a 52-week high of $5.89. The company has a quick ratio of 8.08, a current ratio of 8.08 and a debt-to-equity ratio of 0.02. The business’s 50-day moving average price is $4.19 and its 200-day moving average price is $3.86. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of 76.33 and a beta of 2.29.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Tuesday, May 7th. The company reported $0.13 earnings per share for the quarter. The firm had revenue of $48.14 million for the quarter, compared to the consensus estimate of $50.05 million. Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%.

Analyst Ratings Changes

A number of research firms have weighed in on CIFR. HC Wainwright raised their price objective on shares of Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $6.00 price target (up previously from $5.50) on shares of Cipher Mining in a research report on Wednesday, May 8th. Needham & Company LLC reissued a “buy” rating and set a $5.00 price objective on shares of Cipher Mining in a report on Friday, June 7th. Finally, Cantor Fitzgerald initiated coverage on Cipher Mining in a research note on Tuesday, June 11th. They issued an “overweight” rating and a $9.00 price objective for the company. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $6.25.

Insider Activity at Cipher Mining

In other Cipher Mining news, major shareholder Top Holdco B.V. Bitfury sold 294,811 shares of the stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $4.08, for a total value of $1,202,828.88. Following the transaction, the insider now owns 118,519,768 shares in the company, valued at $483,560,653.44. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold 4,692,735 shares of company stock valued at $20,486,934 in the last three months. Corporate insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CIFR. B. Riley Wealth Advisors Inc. raised its stake in shares of Cipher Mining by 50.0% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 15,000 shares of the company’s stock worth $62,000 after purchasing an additional 5,000 shares during the period. Barclays PLC raised its position in Cipher Mining by 93.4% in the third quarter. Barclays PLC now owns 15,982 shares of the company’s stock worth $37,000 after acquiring an additional 7,720 shares during the period. Janney Montgomery Scott LLC purchased a new position in Cipher Mining in the first quarter valued at about $52,000. Gabelli Funds LLC boosted its stake in Cipher Mining by 25.0% in the first 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 last quarter. Finally, California State Teachers Retirement System grew its position in shares of Cipher Mining by 19.4% during the 1st quarter. California State Teachers Retirement System now owns 61,546 shares of the company’s stock valued at $317,000 after acquiring an additional 10,019 shares during the period. Hedge funds and other institutional investors own 12.26% of the company’s stock.

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.