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
About Cipher Mining
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.
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