Cipher Mining Inc. (NASDAQ:CIFR) Sees Large Drop in Short Interest

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) was the target of a large decrease in short interest during the month of October. As of October 15th, there was short interest totalling 23,300,000 shares, a decrease of 10.1% from the September 30th total of 25,930,000 shares. Approximately 10.6% of the company's shares are sold short. Based on an average daily trading volume, of 9,230,000 shares, the short-interest ratio is currently 2.5 days.

Insider Transactions at Cipher Mining

In other news, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $2.74, for a total value of $5,209,046.88. Following the completion of the sale, the insider now owns 103,946,004 shares in the company, valued at approximately $284,812,050.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, COO Patrick Arthur Kelly sold 89,742 shares of the business's stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $4.37, for a total transaction of $392,172.54. Following the completion of the transaction, the chief operating officer now owns 717,431 shares of the company's stock, valued at approximately $3,135,173.47. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 1,901,112 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $2.74, for a total value of $5,209,046.88. Following the completion of the transaction, the insider now directly owns 103,946,004 shares of the company's stock, valued at $284,812,050.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,943,078 shares of company stock worth $23,609,769 in the last ninety days. Insiders own 2.25% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Amalgamated Bank lifted its stake in Cipher Mining by 321.8% in the second quarter. Amalgamated Bank now owns 5,973 shares of the company's stock valued at $25,000 after buying an additional 4,557 shares during the period. Farther Finance Advisors LLC acquired a new stake in shares of Cipher Mining in the 3rd quarter valued at approximately $33,000. Janney Montgomery Scott LLC bought a new position in Cipher Mining during the 1st quarter worth approximately $52,000. Xponance Inc. acquired a new position in Cipher Mining during the second quarter valued at approximately $45,000. Finally, Price T Rowe Associates Inc. MD bought a new stake in Cipher Mining in the first quarter valued at approximately $59,000. 12.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CIFR shares. Compass Point lifted their target price on shares of Cipher Mining from $7.50 to $9.00 and gave the stock a "buy" rating in a research report on Thursday, August 15th. Northland Securities began coverage on shares of Cipher Mining in a report on Wednesday, September 25th. They set an "outperform" rating and a $6.00 price objective for the company. Northland Capmk raised Cipher Mining to a "strong-buy" rating in a research report on Wednesday, September 25th. Macquarie started coverage on Cipher Mining in a report on Tuesday, September 24th. They set an "outperform" rating and a $6.00 price objective on the stock. Finally, Stifel Canada raised Cipher Mining to a "strong-buy" rating in a report on Tuesday, August 6th. Seven analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Cipher Mining has a consensus rating of "Buy" and an average price target of $7.21.

Cipher Mining Trading Down 2.0 %

Cipher Mining stock traded down $0.11 during mid-day trading on Wednesday, hitting $5.28. The stock had a trading volume of 8,146,464 shares, compared to its average volume of 9,093,475. The stock has a market capitalization of $1.77 billion, a PE ratio of 89.00 and a beta of 2.25. Cipher Mining has a 12 month low of $2.15 and a 12 month high of $7.99. The company has a current ratio of 8.49, a quick ratio of 8.49 and a debt-to-equity ratio of 0.01. The stock has a 50-day simple moving average of $3.89 and a two-hundred day simple moving average of $4.24.

Cipher Mining (NASDAQ:CIFR - Get Free Report) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.05) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.05). Cipher Mining had a net margin of 11.43% and a return on equity of 3.41%. The business had revenue of $36.81 million during the quarter, compared to the consensus estimate of $39.17 million. During the same period in the previous year, the firm posted ($0.05) earnings per share. As a group, sell-side analysts forecast that Cipher Mining will post -0.05 EPS for the current year.

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.