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

Cipher Mining (NASDAQ:CIFR) announced its quarterly earnings results on Monday. The company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.03, FiscalAI reports. The business had revenue of $20.85 million during the quarter, compared to analysts’ expectations 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 Stock Performance

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Rothschild & Co Redburn began coverage on shares of Cipher Mining in a research report on Monday, September 21st. They set a “neutral” rating and a $18.00 target price on the stock. Chardan Capital reiterated a “buy” rating and issued a $32.00 price target on shares of Cipher Mining in a report on Tuesday, August 4th. UBS Group started coverage on Cipher Mining in a research note on Wednesday, September 23rd. They set a “buy” rating and a $23.00 price target on the stock. Freedom Capital upgraded Cipher Mining to a “hold” rating in a report on Friday, September 18th. Finally, Keefe, Bruyette & Woods lowered their price objective on Cipher Mining from $32.00 to $28.00 and set an “outperform” rating for the company in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Cipher Mining presently has an average 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.