Cipher Mining Inc. (NASDAQ:CIFR) Short Interest Down 5.5% in November

Cipher Mining Inc. (NASDAQ:CIFR) saw a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 22,680,000 shares, a drop of 5.5% from the November 15th total of 24,010,000 shares. Approximately 9.7% of the company’s stock are sold short. Based on an average daily trading volume, of 10,680,000 shares, the short-interest ratio is presently 2.1 days.

Insider Activity

In other Cipher Mining news, COO Patrick Arthur Kelly sold 89,742 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $4.37, for a total transaction of $392,172.54. Following the completion of the sale, the chief operating officer now directly owns 717,431 shares of the company’s stock, valued at approximately $3,135,173.47. The trade was a 11.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider William Iwaschuk sold 150,000 shares of the 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 completion of 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 19.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,593,503 shares of company stock worth $9,568,005 in the last three months. Company insiders own 2.25% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Millennium Management LLC raised its stake in Cipher Mining by 122.8% in the 2nd quarter. Millennium Management LLC now owns 5,330,887 shares of the company’s stock valued at $22,123,000 after acquiring an additional 2,938,184 shares during the period. Tidal Investments LLC increased its stake in shares of Cipher Mining by 73.4% in the third quarter. Tidal Investments LLC now owns 3,742,931 shares of the company’s stock worth $14,485,000 after purchasing an additional 1,584,874 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Cipher Mining by 37.8% in the third quarter. Geode Capital Management LLC now owns 5,509,853 shares of the company’s stock valued at $21,327,000 after purchasing an additional 1,511,455 shares during the period. Van ECK Associates Corp lifted its stake in shares of Cipher Mining by 41.5% during the 3rd quarter. Van ECK Associates Corp now owns 3,900,219 shares of the company’s stock valued at $15,094,000 after buying an additional 1,144,390 shares in the last quarter. Finally, Paloma Partners Management Co bought a new position in Cipher Mining in the 3rd quarter worth approximately $4,029,000. Hedge funds and other institutional investors own 12.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $7.50 price target on shares of Cipher Mining in a research report on Friday, November 1st. Northland Capmk upgraded shares of Cipher Mining to a “strong-buy” rating in a report on Wednesday, September 25th. Cantor Fitzgerald reissued an “overweight” rating and set a $9.00 price target on shares of Cipher Mining in a research report on Thursday, October 3rd. Northland Securities upped their price objective on shares of Cipher Mining from $6.00 to $8.50 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, Macquarie lifted their target price on shares of Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Nine analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $8.03.

Cipher Mining Stock Performance

Shares of CIFR stock opened at $6.29 on Thursday. Cipher Mining has a 52 week low of $2.15 and a 52 week high of $7.99. The firm’s 50-day simple moving average is $6.02 and its two-hundred day simple moving average is $4.86. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of -48.38 and a beta of 2.29. 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 (NASDAQ:CIFR) last posted its quarterly earnings data on Thursday, October 31st. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.18). Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%. The firm had revenue of $24.10 million during the quarter, compared to analysts’ expectations of $25.84 million. During the same quarter in the previous year, the company posted ($0.07) EPS. As a group, equities analysts forecast that Cipher Mining will post -0.18 earnings per share 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.