Cipher Mining Inc. (NASDAQ:CIFR) Short Interest Update

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) saw a large decline in short interest during the month of May. As of May 15th, there was short interest totalling 33,730,000 shares, a decline of 14.5% from the April 30th total of 39,430,000 shares. Approximately 15.0% of the company's shares are sold short. Based on an average daily volume of 16,090,000 shares, the days-to-cover ratio is currently 2.1 days.

Analysts Set New Price Targets

CIFR has been the subject of a number of recent analyst reports. Canaccord Genuity Group restated a "buy" rating and set a $8.00 price target on shares of Cipher Mining in a report on Thursday, May 8th. Needham & Company LLC cut their target price on Cipher Mining from $7.50 to $7.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. JPMorgan Chase & Co. downgraded Cipher Mining from an "overweight" rating to a "neutral" rating in a research report on Thursday, March 13th. HC Wainwright reiterated a "buy" rating on shares of Cipher Mining in a report on Tuesday, May 6th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $5.50 price objective on shares of Cipher Mining in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $7.63.

Cipher Mining Stock Up 10.5%

Shares of CIFR traded up $0.37 during mid-day trading on Friday, hitting $3.90. 22,750,752 shares of the company's stock were exchanged, compared to its average volume of 12,515,338. The stock's 50-day moving average is $2.98 and its 200-day moving average is $4.34. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.57 and a current ratio of 2.57. Cipher Mining has a fifty-two week low of $1.86 and a fifty-two week high of $7.99. The company has a market cap of $1.31 billion, a price-to-earnings ratio of -30.00 and a beta of 2.58.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.11). The company had revenue of $48.96 million for the quarter, compared to analyst estimates of $53.57 million. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. On average, sell-side analysts anticipate that Cipher Mining will post -0.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. V3 Holding Ltd purchased a new stake in Cipher Mining during the 4th quarter worth about $452,713,000. Vanguard Group Inc. grew 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 worth $84,318,000 after buying an additional 1,189,756 shares in the last quarter. Invesco Ltd. increased its stake 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 worth $29,899,000 after buying an additional 924,262 shares during the period. Geode Capital Management LLC increased its stake 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 worth $26,583,000 after buying an additional 218,137 shares during the period. Finally, Vident Advisory LLC raised its holdings in Cipher Mining by 11.9% in 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. 12.26% of the stock is currently owned by hedge funds and other institutional investors.

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.