Cipher Mining Inc. CIFR shares ended the last trading session 11% higher at $6.94. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 77.1% gain over the past four weeks.
CIFR benefits from low-cost power, efficient mining rigs, and strategic data center development.
This company is expected to post quarterly loss of $0.12 per share in its upcoming report, which represents a year-over-year change of -140%. Revenues are expected to be $48.37 million, up 31.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Cipher Mining, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CIFR going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Cipher Mining belongs to the Zacks Technology Services industry. Another stock from the same industry, Cricut, Inc. CRCT, closed the last trading session 2% higher at $5.49. Over the past month, CRCT has returned -19.3%.
For Cricut, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.06. This represents a change of -33.3% from what the company reported a year ago. Cricut currently has a Zacks Rank of #3 (Hold).
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Cipher Mining Inc. (CIFR): Free Stock Analysis Report Cricut, Inc. (CRCT): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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