Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) was the target of a large growth in short interest in May. As of May 31st, there was short interest totalling 41,960,000 shares, a growth of 24.4% from the May 15th total of 33,730,000 shares. Approximately 18.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 16,290,000 shares, the days-to-cover ratio is presently 2.6 days.
Cipher Mining Price Performance
NASDAQ:CIFR traded up $0.20 during mid-day trading on Wednesday, reaching $3.88. The stock had a trading volume of 21,318,738 shares, compared to its average volume of 12,847,556. The firm has a 50 day moving average price of $3.21 and a two-hundred day moving average price of $4.21. The stock has a market capitalization of $1.30 billion, a P/E ratio of -10.79 and a beta of 2.58. Cipher Mining has a one year low of $1.86 and a one year high of $7.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.11 and a current ratio of 1.11.
Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, meeting analysts' consensus estimates of ($0.11). The company 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%. As a group, analysts expect that Cipher Mining will post -0.31 earnings per share for the current year.
Analysts Set New Price Targets
CIFR has been the subject of a number of recent analyst reports. Rosenblatt Securities reaffirmed a "buy" rating and set a $5.50 target price on shares of Cipher Mining in a report on Wednesday, May 7th. Needham & Company LLC cut their price objective on Cipher Mining from $7.50 to $7.00 and set a "buy" rating for the company in a report on Wednesday, February 26th. Canaccord Genuity Group reissued a "buy" rating and set a $8.00 price objective on shares of Cipher Mining in a report on Thursday, May 8th. JPMorgan Chase & Co. lowered Cipher Mining from an "overweight" rating to a "neutral" rating in a report on Thursday, March 13th. Finally, HC Wainwright reissued a "buy" rating on shares of Cipher Mining in a report on Tuesday, May 6th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cipher Mining presently has a consensus rating of "Buy" and an average price target of $7.63.
Read Our Latest Stock Analysis on Cipher Mining
Institutional Investors Weigh In On Cipher Mining
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake in shares of Cipher Mining by 510.2% in the fourth quarter. JPMorgan Chase & Co. now owns 954,209 shares of the company's stock worth $4,428,000 after acquiring an additional 797,824 shares during the last quarter. Private Advisor Group LLC boosted its position in shares of Cipher Mining by 90.4% during the fourth quarter. Private Advisor Group LLC now owns 200,940 shares of the company's stock valued at $932,000 after buying an additional 95,400 shares during the last quarter. Vanguard Group Inc. boosted its position 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 buying an additional 1,189,756 shares during the last quarter. Federated Hermes Inc. purchased a new stake in shares of Cipher Mining during the fourth quarter valued at $2,029,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Cipher Mining by 33.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,139,553 shares of the company's stock valued at $14,568,000 after buying an additional 783,509 shares during the last quarter. 12.26% of the stock is owned by hedge funds and other institutional investors.
Cipher Mining Company Profile
(
Get Free Report)
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.
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