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

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

Cipher Mining Price Performance

Cipher Mining stock opened at $7.29 on Monday. Cipher Mining has a 52 week low of $6.93 and a 52 week high of $30.14. 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’s 50-day moving average price is $14.17 and its two-hundred day moving average price is $17.75. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 9.69.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. reduced their price objective on Cipher Mining from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Rothschild & Co Redburn initiated coverage on shares of Cipher Mining in a research report on Monday, September 21st. They set a “neutral” rating and a $18.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cipher Mining in a report on Monday, September 21st. HC Wainwright reiterated a “buy” rating on shares of Cipher Mining in a research report on Friday, September 25th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Cipher Mining from $32.00 to $28.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.