In the latest close session, Cipher Mining Inc. (CIFR) was down 3.39% at $17.52. The stock trailed the S&P 500, which registered a daily gain of 0.26%. On the other hand, the Dow registered a gain of 0.6%, and the technology-centric Nasdaq increased by 0.25%.
Shares of the company have appreciated by 25.99% over the course of the past month, outperforming the Business Services sector's loss of 2.23%, and the S&P 500's gain of 1.57%.
Market participants will be closely following the financial results of Cipher Mining Inc. in its upcoming release. In that report, analysts expect Cipher Mining Inc. to post earnings of -$0.12 per share. This would mark a year-over-year decline of 300%. In the meantime, our current consensus estimate forecasts the revenue to be $79.59 million, indicating a 88.5% growth compared to the corresponding quarter of the prior year.
CIFR's full-year Zacks Consensus Estimates are calling for earnings of -$0.36 per share and revenue of $243.54 million. These results would represent year-over-year changes of -157.14% and 0%, respectively.
It is also important to note the recent changes to analyst estimates for Cipher Mining Inc. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Right now, Cipher Mining Inc. possesses a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 157, this industry ranks in the bottom 36% of all industries, numbering over 250.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Cipher Mining Inc. (CIFR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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