News

In the latest market close, Cipher Mining Inc. (CIFR) reached $4.50, with a +1.58% movement compared to the previous day. The stock outpaced the S&P 500's daily gain of 1.02%. On the other hand, the Dow registered a gain of 0.4%, and the technology-centric Nasdaq increased by 2.03%.

The company's shares have seen a decrease of 13.98% over the last month, not keeping up with the Business Services sector's loss of 5.04% and the S&P 500's loss of 3.15%.

The investment community will be paying close attention to the earnings performance of Cipher Mining Inc. in its upcoming release. The company is slated to reveal its earnings on May 7, 2024. The company's earnings per share (EPS) are projected to be $0, reflecting a 100% increase from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $48.75 million, indicating a 122.58% increase compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates project earnings of -$0.15 per share and a revenue of $167.06 million, demonstrating changes of -50% and +31.7%, respectively, from the preceding year.

Investors should also take note of any recent adjustments to analyst estimates for Cipher Mining Inc. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 34.09% upward. Cipher Mining Inc. is holding a Zacks Rank of #1 (Strong Buy) right now.

The Technology Services industry is part of the Business Services sector. Currently, this industry holds a Zacks Industry Rank of 141, positioning it in the bottom 45% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow CIFR in the coming trading sessions, be sure to utilize Zacks.com.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.