Cipher Mining Inc. (NASDAQ:CIFR) Sees Significant Increase in Short Interest

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) saw a significant increase in short interest during the month of May. As of May 31st, there was short interest totalling 41,960,000 shares, an increase of 24.4% from the May 15th total of 33,730,000 shares. Currently, 18.6% of the company's shares are sold short. Based on an average daily volume of 16,290,000 shares, the short-interest ratio is presently 2.6 days.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently modified their holdings of the company. V3 Holding Ltd bought a new stake in shares of Cipher Mining during the fourth quarter valued at approximately $452,713,000. Vanguard Group Inc. increased its holdings in shares of Cipher Mining by 7.0% during the fourth quarter. Vanguard Group Inc. now owns 18,172,080 shares of the company's stock valued at $84,318,000 after acquiring an additional 1,189,756 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Cipher Mining by 16.7% during the fourth quarter. Invesco Ltd. now owns 6,443,723 shares of the company's stock valued at $29,899,000 after acquiring an additional 924,262 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Cipher Mining by 4.0% during the fourth quarter. Geode Capital Management LLC now owns 5,727,990 shares of the company's stock valued at $26,583,000 after acquiring an additional 218,137 shares in the last quarter. Finally, Vident Advisory LLC increased its holdings in shares of Cipher Mining by 11.9% during the first quarter. Vident Advisory LLC now owns 4,753,772 shares of the company's stock valued at $10,934,000 after acquiring an additional 503,694 shares in the last quarter. Institutional investors own 12.26% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on CIFR. JPMorgan Chase & Co. lowered Cipher Mining from an "overweight" rating to a "neutral" rating in a research note on Thursday, March 13th. Needham & Company LLC cut their price objective on Cipher Mining from $7.50 to $7.00 and set a "buy" rating on the stock in a research note on Wednesday, February 26th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $8.00 price objective on shares of Cipher Mining in a research note on Thursday, May 8th. Cantor Fitzgerald lifted their price objective on Cipher Mining from $4.00 to $6.00 and gave the stock an "overweight" rating in a research note on Thursday, June 5th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $5.50 price objective on shares of Cipher Mining in a research note on Wednesday, May 7th. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $7.63.

Cipher Mining Trading Down 0.5%

CIFR traded down $0.02 during trading on Friday, hitting $3.79. The company's stock had a trading volume of 31,871,579 shares, compared to its average volume of 12,918,224. Cipher Mining has a twelve month low of $1.86 and a twelve month high of $7.99. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.01. The stock's fifty day moving average price is $3.30 and its 200-day moving average price is $4.17. The firm has a market capitalization of $1.27 billion, a P/E ratio of -10.53 and a beta of 2.58.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). The firm had revenue of $48.96 million during the quarter, compared to the consensus estimate of $53.57 million. Cipher Mining had a negative return on equity of 17.77% and a negative net margin of 81.21%. Analysts anticipate that Cipher Mining will post -0.31 EPS for the current year.

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.