7 Most Undervalued Blockchain Stocks To Buy According To Analysts

3. Cipher Mining Inc. (NASDAQ:CIFR)

Forward P/E: 5.86

Earnings Growth: 70.00%

Analysts’ Upside Potential: 70.73%

Number of Hedge Fund Holders: 15

Cipher Mining Inc. (NASDAQ:CIFR) ranks among the top 3 on our list of the most undervalued blockchain stocks to buy according to analysts. It is a prominent player in the blockchain space, specializing in industrial-scale Bitcoin mining. The company is dedicated to enhancing and fortifying the critical infrastructure of the Bitcoin network in the US. Cipher Mining’s mission revolves around creating a robust foundation necessary for the Bitcoin network to thrive, reflecting its belief in Bitcoin’s potential to transform financial systems.

The company leverages extensive expertise from various fields, including technology, fintech, energy, and finance. It also has significant experience in cryptocurrencies and blockchain technology. In September 2024, Cipher Mining Inc. (NASDAQ:CIFR) produced 155 BTC and sold 923 BTC, ending the month with a balance of 1,512 BTC.

In terms of financial performance, Cipher mined 563 Bitcoin and generated revenues of $37 million at an average price of $65,000 per Bitcoin during the second quarter of 2024. This represents a year-over-year revenue increase of 18%, largely driven by rising Bitcoin prices and partially offset by the halving in April.

Furthermore, Cipher Mining Inc. (NASDAQ:CIFR) recently completed the acquisition of a new site in West Texas for $67.5 million, which will enhance its operational capacity with 300 MW of front-of-the-meter capacity and participation in the ERCOT market. With this acquisition and other recent investments, the company’s portfolio is expected to grow to more than 2.5 GW across ten sites.

The company’s strategic acquisitions and operational expansions indicate strong potential for profitability in the evolving cryptocurrency landscape. Analysts are also bullish on CIFR. Analysts currently hold a consensus buy rating on the stock and the 1-year median price target of $7.00 set by analysts indicates a potential upside of 70.73% from current levels.

Cipher Mining Inc. (NASDAQ:CIFR) appears to be an appealing investment option due to its current valuation. It is currently trading at only 5.86 times its forward earnings. CIFR is held by 15 hedge funds at the close of Q2 2024.