Cipher Mining (NASDAQ:CIFR) Releases Quarterly Earnings Results, Beats Expectations By $0.16 EPS

Cipher Mining (NASDAQ:CIFR) released its earnings results on Tuesday. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.16, Zacks reports. Cipher Mining had a negative net margin of 33.39% and a negative return on equity of 8.29%.

Cipher Mining Stock Down 9.5 %

CIFR stock opened at $4.97 on Tuesday. The firm has a market capitalization of $1.73 billion, a PE ratio of -38.23 and a beta of 2.41. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 0.01. Cipher Mining has a twelve month low of $2.65 and a twelve month high of $7.99. The stock’s 50 day moving average is $5.50 and its 200-day moving average is $5.04.

Analysts Set New Price Targets

Several research firms have weighed in on CIFR. JPMorgan Chase & Co. raised shares of Cipher Mining from a “neutral” rating to an “overweight” rating and set a $8.00 price target for the company in a research note on Tuesday, December 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $7.50 target price on shares of Cipher Mining in a research report on Friday, January 31st. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Cipher Mining in a research note on Friday, November 1st. Northland Securities raised their price objective on Cipher Mining from $6.00 to $8.50 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $7.00 price objective on shares of Cipher Mining in a report on Friday, November 1st. Ten analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $8.14.

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.