Cipher Mining Inc. (NASDAQ:CIFR) Short Interest Down 10.1% in October

Cipher Mining Inc. (NASDAQ:CIFR) was the recipient of a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 23,300,000 shares, a drop of 10.1% from the September 30th total of 25,930,000 shares. Based on an average trading volume of 9,230,000 shares, the short-interest ratio is presently 2.5 days. Currently, 10.6% of the shares of the company are sold short.

Cipher Mining Trading Down 6.6 %

Cipher Mining stock traded down $0.35 during trading on Thursday, reaching $4.93. 9,031,385 shares of the company were exchanged, compared to its average volume of 9,093,380. Cipher Mining has a 52-week low of $2.15 and a 52-week high of $7.99. The company has a market capitalization of $1.65 billion, a P/E ratio of 81.50 and a beta of 2.25. The company has a debt-to-equity ratio of 0.01, a current ratio of 8.49 and a quick ratio of 8.49. The stock’s 50 day simple moving average is $3.92 and its two-hundred day simple moving average is $4.25.

Cipher Mining (NASDAQ:CIFR) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.05) EPS for the quarter, hitting analysts’ consensus estimates of ($0.05). Cipher Mining had a return on equity of 3.41% and a net margin of 11.43%. The firm had revenue of $36.81 million for the quarter, compared to the consensus estimate of $39.17 million. During the same quarter last year, the business posted ($0.05) earnings per share. On average, equities research analysts expect that Cipher Mining will post -0.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the sale, the insider now directly owns 99,047,588 shares of the company’s stock, valued at $616,075,997.36. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cipher Mining news, insider William Iwaschuk sold 150,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $3.94, for a total value of $591,000.00. Following the sale, the insider now directly owns 619,148 shares of the company’s stock, valued at approximately $2,439,443.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Top Holdco B.V. Bitfury sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the completion of the sale, the insider now directly owns 99,047,588 shares in the company, valued at approximately $616,075,997.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,943,078 shares of company stock valued at $23,609,769 over the last ninety days. Company insiders own 2.25% of the company’s stock.

Hedge Funds Weigh In On Cipher Mining

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Cipher Mining by 62.0% during the first quarter. Vanguard Group Inc. now owns 5,657,019 shares of the company’s stock worth $29,134,000 after buying an additional 2,164,383 shares in the last quarter. Van ECK Associates Corp increased its stake in Cipher Mining by 38.9% during the first quarter. Van ECK Associates Corp now owns 2,733,743 shares of the company’s stock worth $14,079,000 after acquiring an additional 765,238 shares during the last quarter. Dark Forest Capital Management LP acquired a new stake in Cipher Mining during the second quarter worth $1,332,000. Swiss National Bank increased its stake in Cipher Mining by 27.0% during the first quarter. Swiss National Bank now owns 125,600 shares of the company’s stock worth $647,000 after acquiring an additional 26,700 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Cipher Mining by 243.2% during the second quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock worth $2,279,000 after acquiring an additional 389,079 shares during the last quarter. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Canaccord Genuity Group reissued a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a report on Thursday, August 29th. Needham & Company LLC raised their price objective on Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a report on Wednesday, August 14th. Northland Capmk raised Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Cantor Fitzgerald restated an “overweight” rating and issued a $9.00 target price on shares of Cipher Mining in a research report on Thursday, October 3rd. Finally, Compass Point raised their target price on Cipher Mining from $7.50 to $9.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Seven investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $7.21.

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.