Cipher Mining Inc. (NASDAQ:CIFR) Short Interest Down 5.1% in April

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) was the target of a large drop in short interest during the month of April. As of April 15th, there was short interest totalling 13,340,000 shares, a drop of 5.1% from the March 31st total of 14,060,000 shares. Based on an average daily volume of 8,920,000 shares, the short-interest ratio is presently 1.5 days. Currently, 7.8% of the company's stock are short sold.

Institutional Investors Weigh In On Cipher Mining

Several hedge funds and other institutional investors have recently made changes to their positions in CIFR. Exchange Traded Concepts LLC grew its holdings in Cipher Mining by 107.4% during the 4th quarter. Exchange Traded Concepts LLC now owns 693,097 shares of the company's stock valued at $2,862,000 after purchasing an additional 358,897 shares during the last quarter. Wolverine Asset Management LLC purchased a new stake in shares of Cipher Mining in the fourth quarter worth approximately $49,000. Swiss National Bank purchased a new stake in shares of Cipher Mining in the third quarter worth approximately $255,000. Van ECK Associates Corp lifted its stake in shares of Cipher Mining by 22.3% during the 3rd quarter. Van ECK Associates Corp now owns 1,403,549 shares of the company's stock worth $3,270,000 after acquiring an additional 256,097 shares during the last quarter. Finally, Barclays PLC boosted its holdings in Cipher Mining by 93.4% during the 3rd quarter. Barclays PLC now owns 15,982 shares of the company's stock valued at $37,000 after acquiring an additional 7,720 shares during the period. Hedge funds and other institutional investors own 12.26% of the company's stock.

Cipher Mining Price Performance

Cipher Mining stock traded down $0.32 during midday trading on Tuesday, reaching $3.72. 7,746,682 shares of the stock traded hands, compared to its average volume of 8,611,032. The stock has a market cap of $1.10 billion, a P/E ratio of -37.20 and a beta of 2.21. The stock's fifty day moving average is $3.94 and its 200-day moving average is $3.46. The company has a quick ratio of 4.60, a current ratio of 4.60 and a debt-to-equity ratio of 0.02. Cipher Mining has a 12 month low of $1.76 and a 12 month high of $5.75.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last announced its earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.12. The firm had revenue of $43.42 million for the quarter, compared to analysts' expectations of $35.73 million. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. As a group, equities research analysts anticipate that Cipher Mining will post -0.15 EPS for the current year.

Analyst Ratings Changes

CIFR has been the subject of a number of recent analyst reports. HC Wainwright reissued a "buy" rating and issued a $4.50 target price on shares of Cipher Mining in a research report on Tuesday, March 5th. Canaccord Genuity Group reiterated a "buy" rating and issued a $5.50 price target on shares of Cipher Mining in a research report on Thursday, March 28th. Cantor Fitzgerald restated an "overweight" rating and issued a $5.00 price objective on shares of Cipher Mining in a research note on Thursday, March 28th. Finally, Needham & Company LLC reissued a "buy" rating and set a $5.00 price target on shares of Cipher Mining in a report on Monday, April 22nd. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $5.25.

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.

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