Cipher Mining (NASDAQ:CIFR) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Cipher Mining (NASDAQ:CIFR) announced its quarterly earnings data on Monday. The company reported ($0.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.03, FiscalAI reports. The company had revenue of $20.85 million for the quarter, compared to the consensus estimate of $38.69 million. Cipher Mining had a negative return on equity of 156.28% and a negative net margin of 585.75%.

Cipher Mining Price Performance

Shares of NASDAQ:CIFR opened at $7.29 on Monday. The stock has a market cap of $3.03 billion, a price-to-earnings ratio of -2.55 and a beta of 3.53. The company has a quick ratio of 3.00, a current ratio of 3.00 and a debt-to-equity ratio of 9.69. Cipher Mining has a 12-month low of $6.93 and a 12-month high of $30.14. The business’s 50 day moving average is $14.17 and its 200 day moving average is $17.75.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CIFR shares. Citigroup restated a “market outperform” rating on shares of Cipher Mining in a report on Monday, August 10th. Rosenblatt Securities reiterated a “buy” rating and set a $30.00 target price on shares of Cipher Mining in a research report on Thursday, September 10th. Freedom Capital raised shares of Cipher Mining to a “hold” rating in a research note on Friday, September 18th. Cantor Fitzgerald reduced their price target on shares of Cipher Mining from $28.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, October 16th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $32.00 price target on shares of Cipher Mining in a research note on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.65.

About Cipher Mining

Cipher Mining Inc (NASDAQ: CIFR) is a bitcoin mining company that develops and operates large-scale data center infrastructure in the United States. The company uses specialized application-specific integrated circuit (ASIC) computers to validate transactions on the Bitcoin network and earn bitcoin rewards.

Cipher focuses on securing access to cost-effective power, building and managing mining facilities, and deploying high-performance computing equipment. Its operations are supported by power infrastructure, cooling systems, networking equipment and other data center technologies required for energy-intensive digital asset mining.

The company was formed through the combination of Cipher Mining Technologies Inc and Good Works Acquisition Corp.