Cipher Mining Inc. (NASDAQ:CIFR) Short Interest Up 6.8% in February

Cipher Mining Inc. (NASDAQ:CIFR – Get Rating) saw a significant growth in short interest in February. As of February 28th, there was short interest totalling 7,060,000 shares, a growth of 6.8% from the February 13th total of 6,610,000 shares. Approximately 18.2% of the company’s shares are short sold. Based on an average trading volume of 1,170,000 shares, the days-to-cover ratio is presently 6.0 days.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CIFR shares. Needham & Company LLC started coverage on Cipher Mining in a report on Tuesday, February 21st. They issued a “buy” rating and a $2.70 price target for the company. HC Wainwright restated a “buy” rating and issued a $3.00 price target on shares of Cipher Mining in a report on Thursday. Finally, Cantor Fitzgerald assumed coverage on Cipher Mining in a report on Monday, March 13th. They issued a “buy” rating and a $3.00 price target for the company.

Cipher Mining Stock Performance

NASDAQ:CIFR opened at $2.32 on Friday. The company has a market cap of $574.32 million, a PE ratio of -14.50 and a beta of 2.09. Cipher Mining has a 52-week low of $0.38 and a 52-week high of $3.94. The stock has a 50-day simple moving average of $1.48 and a 200 day simple moving average of $1.19.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. American International Group Inc. acquired a new position in Cipher Mining during the second quarter valued at approximately $25,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Cipher Mining during the fourth quarter valued at approximately $26,000. JPMorgan Chase & Co. boosted its position in Cipher Mining by 72.5% during the second quarter. JPMorgan Chase & Co. now owns 21,173 shares of the company’s stock valued at $29,000 after purchasing an additional 8,896 shares during the last quarter. Jane Street Group LLC boosted its position in Cipher Mining by 373.5% during the fourth quarter. Jane Street Group LLC now owns 68,531 shares of the company’s stock valued at $38,000 after purchasing an additional 54,059 shares during the last quarter. Finally, Shaolin Capital Management LLC boosted its position in Cipher Mining by 37.7% during the fourth quarter. Shaolin Capital Management LLC now owns 86,250 shares of the company’s stock valued at $48,000 after purchasing an additional 23,595 shares during the last quarter. 10.80% of the stock is currently owned by institutional investors.

About Cipher Mining

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Cipher Mining Inc, a technology company, operates in the bitcoin mining ecosystem in the United States. It engages in developing and growing a cryptocurrency mining business that specializes in bitcoin. The company was incorporated in 2021 and is based in New York, New York.