Recommendation: Speculative Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Potential Upside |
|---|---|---|---|---|---|---|---|
| 2 Jul, 24 | CIFR | Speculative Buy | USD 4.72 | USD 5.2 | USD 6.4 | 14 days | 35.6% |
Data Powered by EOD Historical Data (“EODHD”).
Cipher Mining Inc., together with its subsidiaries, engages in the development and operation of industrial scale bitcoin mining data centers in the United States. The company was incorporated in 2020 and is based in New York, New York. Cipher Mining Inc. operates as a subsidiary of Bitfury Holding B.V.
Enhanced Liquidity: Current Ratio of 8.08x in Q1 FY24 vs Industry Median of 1.75x
Lower Credit Risk Expsoure: Debt-Equity Ratio of 0.02x in Q1 FY24 vs Industry Median of 0.11x.
Lower Profitability: Gross Margin of 69.2% in Q1 FY24 vs Industry Median of 78.7%.
Operating Inefficiency: Asset Turnover of 0.08x in Q1 FY24 vs Industry Median of 0.13x.
Cryptocurrency Market Volatility, Environmental Impact, Changing Consumer Demographics, Open-Source Software Protocol of the Bitcoin Network, Increasing Bitcoin Transaction Costs, etc.
| Entry Price | Support* | Target 1 | Target 2 |
|---|---|---|---|
| 4.72 | 4.15 | 5.2 | 6.4 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
Technical Observation (on the daily chart):
CIFR's stock price has shown remarkable stability, consistently holding above its rising trendline, indicating a strong foundation for further growth. The recent uptick in the previous session suggests a budding trend that may lead to an upward movement in the near future. Notably, the stock remains above both its 21-day and 50-day simple moving averages (SMAs), which serve as a robust support level and could act as a springboard for price growth. Moreover, the 14-period Relative Strength Index (RSI) is currently above its midpoint, underscoring the positive momentum and bias.
As per the above-mentioned price action, recent key business and financial updates, momentum in the stock over the last month, and technical indicators analysis, a ‘Speculative Buy’ rating has been given to Cipher Mining Inc. (NASDAQ: CIFR) at its closing price of USD 4.72 as of July 1, 2024.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Financial Services Industry: Capital Markets
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| CIFR Cipher Mining Inc |
-0.39 6.81% | 5.34 | - | 12.25 | 14.55 | 3.68 | 16.20 | 61.33 |
| MS Morgan Stanley |
-0.225 0.18% | 123.22 | 16.50 | 13.76 | 2.80 | 1.65 | ||
| SCHW Charles Schwab Corp |
-0.315 0.42% | 74.00 | 22.86 | 17.39 | 6.14 | 4.28 | ||
| GS Goldman Sachs Group Inc |
-2.2467 0.40% | 563.85 | 18.44 | 10.60 | 2.83 | 1.16 | ||
| CIIHY CITIC Securities Co Ltd ADR |
- -% | 30.18 | 15.86 | 7.89 | 0.98 | 1.07 | 10.27 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risk: This report may be looked at from a high-risk perspective and a recommendation is provided for a short duration. This report is solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Past performance is neither an indicator nor a guarantee of future performance.
The reference date for all price data, currency, technical indicators, support, and resistance levels is of July 1, 2024. The reference data in this report has been partly sourced from REFINITIV.
Abbreviations
CMP: Current Market Price
SMA: Simple Moving Average
RSI: Relative Strength Index
USD: United States dollar
Note: Trading decisions require a thorough analysis by individual. Technical reports in general chart out metrics that may be assessed by individuals before any stock evaluation. The above are illustrative analytical factors used for evaluating stocks; other parameters can be looked at along with additional risks per se. Past performance is neither an indicator nor a guarantee of future performance.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
Disclaimer :
This report has been issued by StockNextt which has an Ontario Business Identification Number 1000958347 and British Columbia registration Number FM1051529 is a trade name under Kalkine Canada Advisory Services Inc. having Business Number 761925130BC0001. Kalkine Canada Advisory Services Inc. and StockNextt are collectively referred to as “StockNextt”, “we”, “us”, and “our”. The website https://stocknextt.com and associated pages are published by StockNextt. The information in this report and on the StockNextt website has been prepared from a wide variety of sources, which StockNextt, to the best of its knowledge and belief, considers accurate. StcokNextt has made every effort to ensure the reliability of information contained in its reports, newsletters, and websites. All information represents our views at the date of publication and may change without notice. The information in this report does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products. Our reports contain general recommendations for investing in securities and other financial products. StockNextt does not offer financial advice based upon your personal financial situation or goals, and we shall not be held liable for any investment or trading losses you may incur by using the opinions expressed in our reports, publications, market updates, news alerts and corporate profiles. StockNextt does not intend to exclude any liability which it is not permitted to exclude under applicable law or regulation. StockNextt’s general advice does not in any way endorse or recommend individuals, investment products or services for your personal financial situation. You should discuss your portfolios and the risk tolerance level appropriate for your personal financial situation, with a professional authorised financial planner and adviser. You should be aware that the value of any investment and the income from it can go down as well as up and you may not get back the amount invested. Please also read our Terms and conditions for further information. Employees and/or associates of StockNextt and its related entities may hold an interest in the securities or other financial products covered in this report or on the StockNextt website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.
Copyright © 2023 Krish Capital Pty Ltd. All rights reserved. No part of this website, or its content, may be reproduced in any form without our prior consent.
