Short Interest in Cipher Mining Inc. (NASDAQ:CIFR) Drops By 5.1%

Cipher Mining Inc. (NASDAQ:CIFR) was the target of a significant decline in short interest during the month of April. As of April 15th, there was short interest totalling 13,340,000 shares, a decline of 5.1% from the March 31st total of 14,060,000 shares. Based on an average daily trading volume, of 8,920,000 shares, the short-interest ratio is presently 1.5 days. Approximately 7.8% of the company’s stock are sold short.

Institutional Trading of Cipher Mining

Several large investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC bought a new position in shares of Cipher Mining in the first quarter worth approximately $52,000. Sloy Dahl & Holst LLC bought a new position in shares of Cipher Mining in the fourth quarter worth approximately $44,000. New York State Common Retirement Fund boosted its position in shares of Cipher Mining by 104.9% in the third quarter. New York State Common Retirement Fund now owns 10,921 shares of the company’s stock worth $25,000 after purchasing an additional 5,592 shares during the period. Wolverine Asset Management LLC bought a new position in shares of Cipher Mining in the fourth quarter worth approximately $49,000. Finally, Bellecapital International Ltd. bought a new position in shares of Cipher Mining in the fourth quarter worth approximately $51,000. 12.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CIFR. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $5.00 target price on shares of Cipher Mining in a report on Thursday, March 28th. Needham & Company LLC reissued a “buy” rating and set a $5.00 price objective on shares of Cipher Mining in a report on Monday, April 22nd. HC Wainwright reissued a “buy” rating and set a $4.50 price objective on shares of Cipher Mining in a report on Tuesday, March 5th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $5.50 price objective on shares of Cipher Mining in a report on Thursday, March 28th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Cipher Mining has a consensus rating of “Moderate Buy” and a consensus price target of $5.25.

Cipher Mining Stock Performance

Shares of NASDAQ CIFR opened at $3.69 on Thursday. The firm has a 50 day moving average of $3.96 and a 200 day moving average of $3.47. The company has a current ratio of 4.60, a quick ratio of 4.60 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of -36.90 and a beta of 2.22. Cipher Mining has a 12-month low of $1.76 and a 12-month high of $5.75.

Cipher Mining (NASDAQ:CIFR) last announced its earnings results on Tuesday, March 5th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.12. The company had revenue of $43.42 million during the quarter, compared to analyst estimates of $35.73 million. Cipher Mining had a negative net margin of 20.32% and a negative return on equity of 6.78%. On average, research analysts anticipate that Cipher Mining will post -0.15 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.