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Cipher Mining Inc. (NASDAQ: CIFR) Jumps 4.29%: Is This A Sign Of Things To Come?

Cipher Mining Inc. (NASDAQ:CIFR) shares, rose in value on Friday, 08/05/22, with the stock price up by 4.29% to the previous day’s close as strong demand from buyers drove the stock to $2.19.

Actively observing the price movement in the last trading, the stock closed the session at $2.10, falling within a range of $2.00 and $2.25. Referring to stock’s 52-week performance, its high was $15.39, and the low was $1.26. On the whole, CIFR has fluctuated by 33.54% over the past month.

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With the market capitalization of Cipher Mining Inc. currently standing at about $501.03 million, investors are eagerly awaiting this quarter’s results, scheduled for Feb 15, 2022 – Feb 21, 2022.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that CIFR’s technical picture suggests that short-term indicators denote the stock is a Hold on average. However, medium term indicators have put the stock in the category of 50% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of CIFR currently trading nearly 23.76% and 24.16% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 63.59, while the 7-day volatility ratio is showing 11.13% which for the 30-day chart, stands at 11.13%. Furthermore, Cipher Mining Inc. (CIFR)’s average true range (ATR) is 0.19.

Data on historical trading for Cipher Mining Inc. (NASDAQ:CIFR) indicates that the trading volumes over the past 10 days have averaged 0.18 million and over the past 3 months, they’ve averaged 429.24K. According to company’s latest data on outstanding shares, there are 250.17 million shares outstanding.

Nearly 0.20% of Cipher Mining Inc.’s shares belong to company insiders and institutional investors own 9.70% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 2.76 million shares as on Jul 14, 2022, resulting in a short ratio of 5.23. According to the data, the short interest in Cipher Mining Inc. (CIFR) stood at 1.12% of shares outstanding as of Jul 14, 2022; the number of short shares registered in Jun 14, 2022 reached 2.27 million. The stock has fallen by -52.70% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the CIFR stock heading into the next quarter.

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