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

Cipher Mining Inc. (NASDAQ:CIFR) was the target of a significant 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. Based on an average trading volume of 10,680,000 shares, the days-to-cover ratio is presently 2.1 days. Currently, 9.7% of the shares of the company are sold short.

Insider Buying and Selling

In other Cipher Mining news, COO Patrick Arthur Kelly sold 53,161 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $7.16, for a total transaction of $380,632.76. Following the transaction, the chief operating officer now owns 664,270 shares in the company, valued at $4,756,173.20. This trade represents a 7.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Top Holdco B.V. Bitfury sold 300,000 shares of Cipher Mining stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $6.60, for a total value of $1,980,000.00. Following the completion of the transaction, the insider now directly owns 98,747,588 shares of the company’s stock, valued at $651,734,080.80. This represents a 0.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,593,503 shares of company stock valued at $9,568,005. 2.25% of the stock is owned by company insiders.

Institutional Trading of Cipher Mining

A number of institutional investors have recently bought and sold shares of the company. Paloma Partners Management Co acquired a new position in shares of Cipher Mining in the 3rd quarter valued at about $4,029,000. Dark Forest Capital Management LP bought a new stake in Cipher Mining in the second quarter worth approximately $1,332,000. Bank of New York Mellon Corp lifted its stake in Cipher Mining by 243.2% in the second quarter. Bank of New York Mellon Corp now owns 549,070 shares of the company’s stock valued at $2,279,000 after buying an additional 389,079 shares during the period. Duncan Williams Asset Management LLC bought a new position in shares of Cipher Mining during the 3rd quarter worth approximately $553,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Cipher Mining by 47.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 98,941 shares of the company’s stock worth $383,000 after buying an additional 31,815 shares in the last quarter. Institutional investors own 12.26% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on CIFR shares. 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. JPMorgan Chase & Co. upgraded Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 target price for the company in a research note on Tuesday, December 10th. Northland Securities lifted their price target on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Macquarie boosted their price target on Cipher Mining from $6.00 to $7.25 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Cipher Mining in a research note on Friday, November 1st. Nine investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $8.03.

Cipher Mining Price Performance

Cipher Mining stock opened at $6.29 on Thursday. The stock has a 50-day moving average price of $6.02 and a two-hundred day moving average price of $4.86. Cipher Mining has a 12 month low of $2.15 and a 12 month high of $7.99. The company has a market capitalization of $2.19 billion, a PE ratio of -48.38 and a beta of 2.29. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.01.

Cipher Mining (NASDAQ:CIFR) last posted its earnings results 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 return on equity of 8.29% and a negative net margin of 33.39%. The business had revenue of $24.10 million for the quarter, compared to analyst estimates of $25.84 million. During the same quarter in the prior year, the business earned ($0.07) earnings per share. Analysts expect that Cipher Mining will post -0.18 EPS 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.