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 (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05), Zacks reports. Cipher Mining had a net margin of 13.54% and a return on equity of 4.66%. The firm had revenue of $36.81 million during the quarter, compared to analyst estimates of $39.17 million. During the same quarter in the prior year, the firm posted ($0.05) earnings per share.

Cipher Mining Trading Down 4.8 %

Shares of CIFR stock traded down $0.19 on Wednesday, hitting $3.73. The stock had a trading volume of 5,067,442 shares, compared to its average volume of 8,840,396. The company’s 50 day moving average price is $4.83 and its 200-day moving average price is $4.17. Cipher Mining has a 1 year low of $2.15 and a 1 year high of $7.99. The company has a debt-to-equity ratio of 0.02, a current ratio of 8.08 and a quick ratio of 8.08. The firm has a market capitalization of $1.16 billion, a P/E ratio of 64.00 and a beta of 2.29.

Insider Activity at Cipher Mining

In related news, major shareholder Top Holdco B.V. Bitfury sold 308,973 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $3.72, for a total transaction of $1,149,379.56. Following the sale, the insider now directly owns 117,012,102 shares of the company’s stock, valued at approximately $435,285,019.44. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold 5,302,379 shares of company stock worth $24,285,016 in the last three months. 2.25% of the stock is owned by company insiders.

Analysts Set New Price Targets

CIFR has been the subject of several analyst reports. HC Wainwright increased their price target on shares of Cipher Mining from $5.50 to $6.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Canaccord Genuity Group reissued a “buy” rating and set a $6.00 target price (up previously from $5.50) on shares of Cipher Mining in a research note on Wednesday, May 8th. Cantor Fitzgerald began coverage on Cipher Mining in a research note on Tuesday, June 11th. They issued an “overweight” rating and a $9.00 price target on the stock. Stifel Canada raised Cipher Mining to a “strong-buy” rating in a research report on Tuesday, August 6th. Finally, Needham & Company LLC upped their target price on shares of Cipher Mining from $5.00 to $7.50 and gave the company a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently 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.