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

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) saw a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 36,000,000 shares, an increase of 28.1% from the March 15th total of 28,100,000 shares. Based on an average daily trading volume, of 13,920,000 shares, the short-interest ratio is presently 2.6 days. Approximately 14.2% of the shares of the company are short sold.

Cipher Mining Trading Up 1.6 %

Shares of NASDAQ:CIFR traded up $0.05 during mid-day trading on Thursday, reaching $2.91. The stock had a trading volume of 1,938,902 shares, compared to its average volume of 10,796,406. The firm has a market cap of $1.07 billion, a PE ratio of -22.42 and a beta of 2.65. The firm has a 50 day simple moving average of $3.24 and a two-hundred day simple moving average of $4.82. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. Cipher Mining has a twelve month low of $1.86 and a twelve month high of $7.99.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CIFR shares. Needham & Company LLC dropped their price target on Cipher Mining from $7.50 to $7.00 and set a "buy" rating on the stock in a research report on Wednesday, February 26th. HC Wainwright reiterated a "buy" rating and issued a $8.00 price target on shares of Cipher Mining in a research report on Wednesday, February 26th. Cantor Fitzgerald decreased their price objective on Cipher Mining from $11.00 to $10.00 and set an "overweight" rating for the company in a research report on Tuesday, February 4th. Keefe, Bruyette & Woods initiated coverage on Cipher Mining in a report on Wednesday, January 8th. They set an "outperform" rating for the company. Finally, Rosenblatt Securities initiated coverage on Cipher Mining in a report on Friday, March 7th. They issued a "buy" rating and a $6.50 target price on the stock. One research analyst has rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $8.13.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC grew its stake in Cipher Mining by 912.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,027 shares of the company's stock valued at $28,000 after purchasing an additional 5,432 shares in the last quarter. NewEdge Advisors LLC acquired a new stake in Cipher Mining in the 4th quarter valued at about $29,000. FNY Investment Advisers LLC grew its holdings in Cipher Mining by 42.9% during the first quarter. FNY Investment Advisers LLC now owns 16,000 shares of the company's stock worth $36,000 after purchasing an additional 4,800 shares during the period. KBC Group NV acquired a new position in Cipher Mining during the fourth quarter worth approximately $46,000. Finally, Apollon Wealth Management LLC bought a new stake in Cipher Mining in the fourth quarter valued at approximately $49,000. Institutional investors and hedge funds own 12.26% of the company's stock.

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.