A significant driver of top-line growth: Cipher Mining Inc. (CIFR)

Cipher Mining Inc. (NASDAQ: CIFR) stock fell -0.35% on Monday to $2.86 against a previous-day closing price of $2.87. With 0.88 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.72 million shares. During the session, the Capital Markets company that operates in wider Financial sector, reached to the highest price of $3.1380 whereas the lowest price it dropped to was $2.8500. The 52-week range on CIFR shows that it touched its highest point at $5.30 and its lowest point at $0.38 during that stretch. It currently has a 1-year price target of $5.25. Beta for the stock currently stands at 2.42.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of CIFR was up-trending over the past week, with a rise of 2.51%, but this was down by -9.78% over a month. Three-month performance dropped to -6.23% while six-month performance rose 23.28%. The stock gained 71.26% in the past year, while it has gained 410.71% so far this year. A look at the trailing 12-month EPS for CIFR yields -0.05 with Next year EPS estimates of -0.02. For the next quarter, that number is -0.03. This implies an EPS growth rate of 52.50% for this year and 91.70% for next year.

Float and Shares Shorts:

At present, 249.13 million CIFR shares are outstanding with a float of 42.85 million shares on hand for trading. On Aug 30, 2023, short shares totaled 12.49 million, which was 4.98% higher than short shares on Jul 30, 2023. In addition to Mr. Rodney Tyler Page as the firm’s CEO & Director, Mr. Patrick Arthur Kelly serves as its Co-Pres & COO.

Institutional Ownership:

Through their ownership of 5.59% of CIFR’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 4.54% of CIFR, in contrast to 2.32% held by mutual funds. Shares owned by individuals account for 2.22%. As the largest shareholder in CIFR with 1.25% of the stake, The Vanguard Group, Inc. holds 3,128,236 shares worth 3,128,236. A second-largest stockholder of CIFR, BlackRock Fund Advisors, holds 2,200,654 shares, controlling over 0.88% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in CIFR, holding 2,197,387 shares or 0.88% stake. With a 0.54% stake in CIFR, the SPDR S&P Kensho New Economies Com is the largest stakeholder. A total of 1,364,958 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 0.52% of CIFR stock, is the second-largest Mutual Fund holder. It holds 1,308,472 shares valued at 4.17 million. Vanguard Information Technology I holds 0.40% of the stake in CIFR, owning 1,010,046 shares worth 3.22 million.

An Overview of Recent Financials:

Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, CIFR reported revenue of $0.00 and operating income of -$16.71M. The EBITDA in the recently reported quarter was -$28.53M and diluted EPS was -$0.12.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for CIFR since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With CIFR analysts setting a high price target of $6.00 and a low target of $4.50, the average target price over the next 12 months is $5.25. Based on these targets, CIFR could surge 109.79% to reach the target high and rise by 57.34% to reach the target low. Reaching the average price target will result in a growth of 83.57% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.

Summary of Insider Activity:

Insiders traded CIFR stock several times over the past three months with 7 Buys and 5 Sells. In these transactions, 71,428 shares were bought while 235,000 shares were sold. The number of buy transactions has increased to 23 while that of sell transactions has risen to 10 over the past year. The total number of shares bought during that period was 1,731,926 while 794,567 shares were sold.

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