Cipher Mining Inc. (NASDAQ:CIFR) Short Interest Up 28.1% in March

Cipher Mining Inc. (NASDAQ:CIFR - Get Free Report) saw a significant increase in short interest in 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. Approximately 14.2% of the company's stock are sold short. Based on an average daily trading volume, of 13,920,000 shares, the short-interest ratio is currently 2.6 days.

Institutional Investors Weigh In On Cipher Mining

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Voya Investment Management LLC boosted its position in Cipher Mining by 3.6% during the fourth quarter. Voya Investment Management LLC now owns 59,135 shares of the company's stock worth $274,000 after acquiring an additional 2,036 shares during the last quarter. Xponance Inc. raised its position in shares of Cipher Mining by 17.8% in the 4th quarter. Xponance Inc. now owns 14,151 shares of the company's stock worth $66,000 after buying an additional 2,140 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Cipher Mining by 17.4% in the 4th quarter. Russell Investments Group Ltd. now owns 14,524 shares of the company's stock valued at $67,000 after purchasing an additional 2,149 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Cipher Mining by 26.6% during the 4th quarter. Mackenzie Financial Corp now owns 13,095 shares of the company's stock valued at $61,000 after acquiring an additional 2,754 shares in the last quarter. Finally, Tobam raised its position in Cipher Mining by 22.7% in the fourth quarter. Tobam now owns 18,023 shares of the company's stock valued at $84,000 after purchasing an additional 3,336 shares during the period. Hedge funds and other institutional investors own 12.26% of the company's stock.

Cipher Mining Price Performance

Shares of CIFR stock traded up $0.10 during mid-day trading on Wednesday, reaching $2.84. The stock had a trading volume of 9,882,263 shares, compared to its average volume of 10,787,083. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01. The business has a 50-day simple moving average of $3.31 and a 200 day simple moving average of $4.84. Cipher Mining has a 12-month low of $1.86 and a 12-month high of $7.99. The company has a market cap of $1.04 billion, a P/E ratio of -21.84 and a beta of 2.65.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Needham & Company LLC decreased their target price on Cipher Mining from $7.50 to $7.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. HC Wainwright restated a "buy" rating and issued a $8.00 price objective on shares of Cipher Mining in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods assumed coverage on Cipher Mining in a report on Wednesday, January 8th. They set an "outperform" rating on the stock. Rosenblatt Securities initiated coverage on Cipher Mining in a research note on Friday, March 7th. They set a "buy" rating and a $6.50 price target for the company. Finally, JPMorgan Chase & Co. downgraded shares of Cipher Mining from an "overweight" rating to a "neutral" rating in a research report on Thursday, March 13th. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Cipher Mining presently has an average rating of "Buy" and a consensus target price of $8.13.

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.