Cipher Digital Analysts Cut Their Forecasts After Q3 Results

Cipher Digital Inc. (NASDAQ:CIFR) on Monday reported weaker-than-expected sales for the third quarter.

Revenue fell 62.8% year over year to $26.701 million, missing the $38.473 million analyst estimate. Diluted loss per share came in at 22 cents, in line with analyst expectations.

“Cipher was built for this market, and this quarter we took important steps to strengthen our position for the long term,” said Tyler Page, Chief Executive Officer. “The decisions we made early on about who we partner with, how we structure our projects, how we navigate a dynamic regulatory environment and how we engage with our communities were made for exactly these conditions. Demand for compute is growing, and our relationships with leading hyperscalers and AI labs are deepening. We are adding new capacity to our pipeline, investing earlier in every project and advancing design work before committing to new leases, so we are well positioned for our next phase of growth.”

Cipher Digital shares gained 5% to $7.20 in pre-market trading.

These analysts made changes to their price targets on Cipher Digital following earnings announcement.

• Cantor Fitzgerald analyst Brett Knoblauch maintained the stock with an Overweight rating and lowered the price target from $19 to $15.
• Rosenblatt analyst Chris Brendler maintained the stock with a Buy and lowered the price target from $30 to $19.

Considering buying CIFR stock? Here’s what analysts think:

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