Cipher Mining (NASDAQ:CIFR) Announces Earnings Results

Cipher Mining (NASDAQ:CIFR - Get Free Report) released its quarterly earnings results on Tuesday. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05), Zacks reports. Cipher Mining had a net margin of 13.54% and a return on equity of 4.66%. The business had revenue of $36.81 million for the quarter, compared to analyst estimates of $39.17 million. During the same period in the prior year, the business earned ($0.05) earnings per share.

Cipher Mining Trading Down 6.9 %

Shares of CIFR traded down $0.27 during mid-day trading on Wednesday, hitting $3.65. The company had a trading volume of 11,587,433 shares, compared to its average volume of 8,882,064. Cipher Mining has a 1-year low of $2.15 and a 1-year high of $7.99. The business's 50-day simple moving average is $4.83 and its 200-day simple moving average is $4.17. The stock has a market cap of $1.13 billion, a PE ratio of 64.00 and a beta of 2.29. The company has a quick ratio of 8.08, a current ratio of 8.08 and a debt-to-equity ratio of 0.02.

Analysts Set New Price Targets

A number of equities research analysts have commented on CIFR shares. HC Wainwright increased their target price 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 boosted their target price on shares of Cipher Mining from $5.00 to $7.50 and gave the company a "buy" rating in a research note on Wednesday. Stifel Canada raised shares of Cipher Mining to a "strong-buy" rating in a research note on Tuesday, August 6th. Canaccord Genuity Group reiterated a "buy" rating and set a $6.00 price target (up from $5.50) on shares of Cipher Mining in a report on Wednesday, May 8th. Finally, Cantor Fitzgerald began coverage on shares of Cipher Mining in a research note on Tuesday, June 11th. They set an "overweight" rating and a $9.00 price objective on the stock. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $6.90.

Insider Buying and Selling

In other news, major shareholder Top Holdco B.V. Bitfury sold 294,811 shares of the company's stock in a transaction on Friday, May 24th. The stock was sold at an average price of $4.08, for a total transaction of $1,202,828.88. Following the completion of the sale, the insider now directly owns 118,519,768 shares in the company, valued at approximately $483,560,653.44. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last quarter, insiders sold 5,302,379 shares of company stock valued at $24,285,016. Insiders own 2.25% of the company's stock.

About Cipher Mining

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.