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Cipher Mining Inc. (CIFR) Stock Sinks As Market Gains: What You Should Know
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Cipher Mining Inc. (CIFR - Free Report) closed the latest trading day at $5.24, indicating a -1.34% change from the previous session's end. The stock fell short of the S&P 500, which registered a gain of 1.08% for the day. On the other hand, the Dow registered a gain of 0.75%, and the technology-centric Nasdaq increased by 2.64%.
Heading into today, shares of the company had gained 15.94% over the past month, outpacing the Business Services sector's loss of 0.69% and the S&P 500's loss of 0.44% in that time.
Market participants will be closely following the financial results of Cipher Mining Inc. in its upcoming release. The company plans to announce its earnings on August 13, 2024. The company's earnings per share (EPS) are projected to be -$0.03, reflecting a 40% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $38.85 million, up 24.44% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $0 per share and revenue of $150.64 million, indicating changes of +100% and +18.76%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Cipher Mining Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Cipher Mining Inc. presently features a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. This industry, currently bearing a Zacks Industry Rank of 99, finds itself in the top 40% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the 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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Cipher Mining Inc. (CIFR) Stock Sinks As Market Gains: What You Should Know
Cipher Mining Inc. (CIFR - Free Report) closed the latest trading day at $5.24, indicating a -1.34% change from the previous session's end. The stock fell short of the S&P 500, which registered a gain of 1.08% for the day. On the other hand, the Dow registered a gain of 0.75%, and the technology-centric Nasdaq increased by 2.64%.
Heading into today, shares of the company had gained 15.94% over the past month, outpacing the Business Services sector's loss of 0.69% and the S&P 500's loss of 0.44% in that time.
Market participants will be closely following the financial results of Cipher Mining Inc. in its upcoming release. The company plans to announce its earnings on August 13, 2024. The company's earnings per share (EPS) are projected to be -$0.03, reflecting a 40% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $38.85 million, up 24.44% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $0 per share and revenue of $150.64 million, indicating changes of +100% and +18.76%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Cipher Mining Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Cipher Mining Inc. presently features a Zacks Rank of #3 (Hold).
The Technology Services industry is part of the Business Services sector. This industry, currently bearing a Zacks Industry Rank of 99, finds itself in the top 40% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the 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.