{"id":81277,"date":"2023-11-06T11:53:15","date_gmt":"2023-11-06T16:53:15","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/whats-up-the-most-this-year-cipher-mining-and-carvana\/"},"modified":"2023-11-06T11:53:19","modified_gmt":"2023-11-06T16:53:19","slug":"whats-up-the-most-this-year-cipher-mining-and-carvana","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=81277","title":{"rendered":"What\u2019s Up The Most This Year? Cipher Mining And Carvana"},"content":{"rendered":"
\n

Some of the biggest gainers this year are so obscure that many investors won\u2019t have heard of them.<\/p>\n

On November 4, I checked the biggest gainers year-to-date among all stocks with a current market value of $1 billion or more.<\/p>\n

And the winners are\u2026.<\/p>\n

    \n
  1. Cipher Mining Inc., up 632%<\/li>\n
  2. Carvana Co., up 581%<\/li>\n
  3. BridgeBioPharma Inc., up 278%<\/li>\n
  4. AppLovin Corp., up 273%<\/li>\n
  5. Riot Platforms Inc., up 236%<\/li>\n<\/ol>\n

    If I had to buy one of these, it would be BridgeBio Pharma, because I believe that gene therapy (its specialty) has immense promise. But my best guess is that all five of these skyrockets will fall back to earth.<\/p>\n

    Cipher Mining<\/strong><\/h2>\n

    Cipher Mining Inc. (CIFR), based in New York City, doesn\u2019t mine gold or silver. It mines cryptocurrency, especially Bitcoin
    \n BTC
    \n <\/fbs-ticker>. In the past four quarters, its revenue was $56.2 million, and it lost $11.6 million, or five cents a share.<\/p>\n

    <\/fbs-ad><\/p>\n

    Cipher stock started the year trading at 56 cents a shares, and as of November 3, was at $4.10 a share. During the same period, the price of Bitcoin more than doubled, which pretty much accounts for traders\u2019 excitement about Cipher.<\/p>\n

    I\u2019m not a crypto fan, but even if I were, I\u2019d rather invest directly in Bitcoin than in Cipher Mining. The stock is expensive at 18 times revenue. In August, three Cipher executives (including both co-presidents) sold a fair slice of their shares.<\/p>\n

    Carvana <\/strong><\/h2>\n

    Carvana Co. (CVNA) has given its investors a wild ride, going from the teens several years ago to a peak of about $365 in 2021, followed by a sickening fall. It started this year at $4.74 a share as bankruptcy rumors flew. As of early November, it stands at $32.28,<\/p>\n

    The concept here is to sell used cars online, and let the buyers pick them up at high-rise buildings that resemble vending machines.<\/p>\n

    It\u2019s an appealing concept, but in practice Carvana has posted nine straight years of losses, and analysts predict the red ink will continue to flow at least through 2025.<\/p>\n

    BridgeBio Pharma<\/strong><\/h2>\n

    BridgeBio Pharma Inc. (BBIO), out of Pala Alto, California, is working on medicines for people with diseases stemming from a defect in a single gene, and people with cancer that has a clear genetic component. Eleven Wall Street analysts follow it, and ten of them recommend buying the stock.<\/p>\n

    Here too the red ink flows. BridgeBio has seven straight years of losses, with at least three more losses projected. I would love to see the company succeed, but with the stock at 480 times the company\u2019s revenue, I can\u2019t recommend it. Too much hope is already built into the stock price.<\/p>\n

    AppLovin<\/strong><\/h2>\n

    Also based in Palo Alto is AppLovin Corp. (APP), which provides tools to help people develop and market mobile applications (apps). Obviously that\u2019s a trendy business. But I see some things that bother me.<\/p>\n

    The company\u2019s debt is 215% of stockholders\u2019 equity. Personally, my limit is normally 100%. Revenue grew only about 1% in 2022 and a small profit in 2021 changed into a loss in 2022. Analysts think the company will be profitable this year and in the future.<\/p>\n

    Riot Platforms<\/strong><\/h2>\n

    Riot Platforms Inc. (RIOT) sounds like a fun stock to speculate in. But in the past 15 years, the company has shown losses in 14. The only profit was in 2021, and then only if you don\u2019t count nonrecurring items.<\/p>\n

    Based in Castle Rock, Colorado, the company is primarily a Bitcoin miner. So it has been up this year for the same reason as Cipher Mining has \u2013 the strong performance of Bitcoin.<\/p>\n

    Riot has a lot of cash and little debt. But on the negative side, the stock sells for seven times revenue, several insiders have sold shares this spring and summer, and the company\u2019s return on stockholders\u2019 equity is a dismal negative 22%.<\/p>\n

    The Record<\/strong><\/h2>\n

    A year ago, I wrote about the year\u2019s four biggest gainers, and recommended two of them. Tidewater
    \n TDW
    \n <\/fbs-ticker> Inc. rose 102%, while PBF Energy
    \n PBF
    \n <\/fbs-ticker> declined 1%. The average for my buys was therefore just over 50%, a figure I\u2019ll happily accept.<\/p>\n

    However, the two stocks I said to avoid were both up substantially. Target Hospitality
    \n TH
    \n <\/fbs-ticker> Corp. returned 27% and International Seaways Inc. (INSW) 29%. That\u2019s less than the stocks I recommended, but still well above the Standard & Poor\u2019s 500 at 16.4%.<\/p>\n

    Indeed, over the years I\u2019ve been too harsh on the high flyers. The stocks I said to avoid have averaged a 26.3% return, compared to 14.8% for the S&P 500.<\/p>\n

    Bear in mind that my column results are hypothetical and shouldn\u2019t be confused with results I obtain for clients. Also, past performance doesn\u2019t predict the future.<\/p>\n

    Disclosure: One of my clients owns PBF Energy.<\/p>\n

    John Dorfman is chairman of Dorfman Value Investments LLC in Boston, Massachusetts, and a syndicated columnist. His firm or clients may own or trade securities discussed in this column. He can be reached at <\/em>jdorfman@dorfmanvalue.com<\/em>. <\/em><\/p>\n<\/div>\n

    Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    Some of the biggest gainers this year are so obscure that many investors won\u2019t have heard of them. On November 4, I checked the biggest gainers year-to-date among all stocks with a current market value of $1 billion or more. And the winners are\u2026. Cipher Mining Inc., up 632% Carvana Co., up 581% BridgeBioPharma Inc., […]<\/p>\n","protected":false},"author":1,"featured_media":81278,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-81277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-featured"],"yoast_head":"\nWhat\u2019s Up The Most This Year? Cipher Mining And Carvana | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Some of the biggest gainers this year are so obscure that many investors won\u2019t have heard of them. 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