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Investing.com - BTIG has reiterated its Buy rating and $23.00 price target on Bitdeer Technologies Group (NASDAQ:BTDR) following the company’s second-quarter 2025 earnings release. Currently trading at $14.36, the stock has shown significant momentum with a 108% return over the past year, though InvestingPro analysis indicates the stock is currently overvalued.
The research firm has increased its fiscal year 2025 revenue estimate to approximately $564 million from $452 million previously, reflecting adjustments for third-party rig sales, self-mining exahash growth, Bitcoin price, and global hash rate factors.
BTIG also raised its fiscal year 2026 revenue projection to approximately $986 million from $803 million, while updating its EBITDA estimates to approximately $42 million for 2025 and $318 million for 2026.
The firm’s analysis assumes average Bitcoin prices of approximately $103,000 for fiscal year 2025 and $116,000 for fiscal year 2026, compared to the current Bitcoin price of approximately $116,000.
BTIG’s $23 price target represents approximately 10 times its 2027 EBITDA estimate, which the firm believes is justified by Bitdeer’s diverse power infrastructure, high-performance computing opportunity, and ASIC business.
In other recent news, Bitdeer Technologies Group reported impressive revenue growth for the second quarter of 2025, significantly exceeding market expectations. The company achieved $155.6 million in revenue, a substantial increase from the anticipated $90.35 million. However, Bitdeer reported an earnings per share (EPS) of -$0.76, which was a considerable deviation from the forecasted -$0.12. This revenue boost was largely attributed to the sale of 5 EH/s of mining rigs, generating $69.5 million, compared to 0.3 EH/s in the previous quarter. Analysts from H.C. Wainwright and Rosenblatt Securities have maintained their Buy ratings on the company, with price targets set at $19.00 and $20.00, respectively. The strong sales of ASICs and mining rigs have contributed to these positive assessments. Despite the challenges in earnings, the robust revenue figures have captured analysts’ attention, indicating optimism about Bitdeer’s future performance. These developments reflect the company’s strategic positioning in the cryptocurrency mining sector.
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