Short Interest in Cipher Mining Inc. (NASDAQ:CIFR) Declines By 19.5%

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) was the target of a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 14,060,000 shares, a drop of 19.5% from the March 15th total of 17,460,000 shares. Approximately 9.4% of the company's shares are sold short. Based on an average trading volume of 9,120,000 shares, the days-to-cover ratio is presently 1.5 days.

Institutional Trading of Cipher Mining

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Cipher Mining by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 3,492,636 shares of the company's stock worth $14,425,000 after purchasing an additional 177,676 shares in the last quarter. BlackRock Inc. increased its holdings in Cipher Mining by 18.5% during the second quarter. BlackRock Inc. now owns 2,433,554 shares of the company's stock worth $6,960,000 after buying an additional 379,931 shares during the last quarter. First Financial Bankshares Inc acquired a new position in Cipher Mining during the fourth quarter worth $9,901,000. State Street Corp increased its holdings in Cipher Mining by 208.0% during the second quarter. State Street Corp now owns 2,197,387 shares of the company's stock worth $6,285,000 after buying an additional 1,483,836 shares during the last quarter. Finally, Van ECK Associates Corp increased its holdings in Cipher Mining by 40.3% during the fourth quarter. Van ECK Associates Corp now owns 1,968,505 shares of the company's stock worth $8,130,000 after buying an additional 564,956 shares during the last quarter. Institutional investors own 12.26% of the company's stock.

Analyst Ratings Changes

CIFR has been the topic of several recent analyst reports. Needham & Company LLC reissued a "buy" rating and set a $5.00 price objective on shares of Cipher Mining in a research note on Monday, March 18th. Cantor Fitzgerald reissued an "overweight" rating and set a $5.00 price objective on shares of Cipher Mining in a research note on Thursday, March 28th. HC Wainwright reissued a "buy" rating and set a $4.50 price objective on shares of Cipher Mining in a research note on Tuesday, March 5th. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $5.50 price objective on shares of Cipher Mining in a research note on Thursday, March 28th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Cipher Mining currently has an average rating of "Moderate Buy" and a consensus price target of $5.25.

Cipher Mining Stock Down 7.8 %

CIFR traded down $0.33 during trading on Friday, reaching $3.83. The company had a trading volume of 5,772,871 shares, compared to its average volume of 9,437,206. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.60 and a quick ratio of 4.60. Cipher Mining has a 12 month low of $1.76 and a 12 month high of $5.75. The business's fifty day moving average price is $3.79 and its 200 day moving average price is $3.32. The company has a market cap of $1.13 billion, a P/E ratio of -38.25 and a beta of 2.22.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its quarterly earnings data on Tuesday, March 5th. The company reported $0.05 EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.12. The business had revenue of $43.42 million for the quarter, compared to analyst estimates of $35.73 million. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. Equities analysts anticipate that Cipher Mining will post -0.22 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.

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