Cipher Mining Inc. (CIFR) closed the most recent trading day at $17.72, moving -1.12% from the previous trading session. The stock fell short of the S&P 500, which registered a gain of 1.16% for the day. Elsewhere, the Dow gained 1.21%, while the tech-heavy Nasdaq added 1.18%.
Shares of the company have appreciated by 12.63% over the course of the past month, outperforming the Business Services sector's loss of 3.02%, and the S&P 500's loss of 0.42%.
The investment community will be closely monitoring the performance of Cipher Mining Inc. in its forthcoming earnings report. The company is forecasted to report an EPS of -$0.12, showcasing a 300% downward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $79.59 million, up 88.5% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.36 per share and revenue of $243.54 million, indicating changes of -157.14% and 0%, respectively, compared to the previous year.
Any recent changes to analyst estimates for Cipher Mining Inc. should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Cipher Mining Inc. currently has a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 171, putting it in the bottom 31% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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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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