The Cipher Mining Inc. (NASDAQ:CIFR) Third-Quarter Results Are Out And Analysts Have Published New Forecasts

Cipher Mining Inc. (NASDAQ:CIFR) just released its latest quarterly report and things are not looking great. It was a pretty negative result overall, with revenues of US$30m missing analyst predictions by 9.5%. Worse, the business reported a statutory loss of US$0.07 per share, much larger than the analysts had forecast prior to the result. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.

See our latest analysis for Cipher Mining

After the latest results, the seven analysts covering Cipher Mining are now predicting revenues of US$148.3m in 2024. If met, this would reflect a huge 71% improvement in revenue compared to the last 12 months. The loss per share is expected to greatly reduce in the near future, narrowing 75% to US$0.085. Before this latest report, the consensus had been expecting revenues of US$147.1m and US$0.085 per share in losses.

The consensus price target was unchanged at US$5.17, suggesting that the business - losses and all - is executing in line with estimates. The consensus price target is just an average of individual analyst targets, so - it could be handy to see how wide the range of underlying estimates is. Currently, the most bullish analyst values Cipher Mining at US$6.00 per share, while the most bearish prices it at US$4.00. There are definitely some different views on the stock, but the range of estimates is not wide enough as to imply that the situation is unforecastable, in our view.

Another way we can view these estimates is in the context of the bigger picture, such as how the forecasts stack up against past performance, and whether forecasts are more or less bullish relative to other companies in the industry. We would highlight that Cipher Mining's revenue growth is expected to slow, with the forecast 54% annualised growth rate until the end of 2024 being well below the historical 149% p.a. growth over the last three years. Juxtapose this against the other companies in the industry with analyst coverage, which are forecast to grow their revenues (in aggregate) 12% per year. So it's pretty clear that, while Cipher Mining's revenue growth is expected to slow, it's still expected to grow faster than the industry itself.

The Bottom Line

The most important thing to take away is that the analysts reconfirmed their loss per share estimates for next year. Happily, there were no major changes to revenue forecasts, with the business still expected to grow faster than the wider industry. The consensus price target held steady at US$5.17, with the latest estimates not enough to have an impact on their price targets.

Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. At Simply Wall St, we have a full range of analyst estimates for Cipher Mining going out to 2025, and you can see them free on our platform here..

Before you take the next step you should know about the 4 warning signs for Cipher Mining that we have uncovered.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.