Cipher Mining (NASDAQ:CIFR) Releases Quarterly Earnings Results, Meets Estimates

Cipher Mining (NASDAQ:CIFR) announced its quarterly earnings data on Tuesday. The company reported ($0.05) earnings per share for the quarter, meeting the consensus estimate of ($0.05), Zacks reports. The company had revenue of $36.81 million during the quarter, compared to analysts’ expectations of $39.17 million. Cipher Mining had a return on equity of 4.66% and a net margin of 13.54%. During the same quarter last year, the company earned ($0.05) EPS.

Cipher Mining Stock Performance

CIFR stock traded down $0.24 during mid-day trading on Wednesday, hitting $3.68. 5,719,273 shares of the company were exchanged, compared to its average volume of 8,844,573. The business has a 50 day simple moving average of $4.83 and a 200-day simple moving average of $4.17. The company has a current ratio of 8.08, a quick ratio of 8.08 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $1.14 billion, a PE ratio of 64.00 and a beta of 2.29. Cipher Mining has a 1-year low of $2.15 and a 1-year high of $7.99.

Insider Activity

In other news, major shareholder Top Holdco B.V. Bitfury sold 296,357 shares of Cipher Mining stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $3.99, for a total value of $1,182,464.43. Following the completion of the sale, the insider now directly owns 118,223,411 shares in the company, valued at $471,711,409.89. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last ninety days, insiders sold 5,302,379 shares of company stock worth $24,285,016. Corporate insiders own 2.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CIFR shares. HC Wainwright raised their price objective on Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Needham & Company LLC raised their price objective on Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a report on Wednesday. Canaccord Genuity Group reiterated a “buy” rating and set a $6.00 price target (up previously from $5.50) on shares of Cipher Mining in a report on Wednesday, May 8th. Cantor Fitzgerald began coverage on Cipher Mining in a report on Tuesday, June 11th. They set an “overweight” rating and a $9.00 price target for the company. Finally, Stifel Canada upgraded Cipher Mining to a “strong-buy” rating in a report on Tuesday, August 6th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $6.90.

Cipher Mining Company Profile

Cipher Mining Inc, together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc operates as a subsidiary of Bitfury Holding B.V.