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Investing.com - H.C. Wainwright has reiterated its Buy rating and $19.00 price target on Bitdeer Technologies Group (NASDAQ:BTDR), sending the cryptocurrency mining company’s shares up approximately 5% on Monday to $14.63. According to InvestingPro data, the stock is currently trading below its Fair Value, with analysts setting targets between $17 and $26.
The stock price increase followed Bitdeer’s better-than-expected quarterly results, which featured a significant revenue beat driven by stronger ASIC sales. The positive performance came against a backdrop of the broader NASDAQ index declining 0.20% during the same session. InvestingPro analysis shows the company’s revenue is forecast to grow by 52% this fiscal year, though it maintains a relatively weak financial health score of 1.18.
During the earnings call, Bitdeer management reaffirmed the company remains on track to achieve its previously stated 2025 guidance of 40 EH/s of self-mining capacity by October, compared to 22.3 EH/s deployed at the end of July. The company plans to energize 364 additional megawatts across three sites before year-end alongside phased deployments of its proprietary SEALMINER A2 mining rig. With a beta of 2.23, investors should note the stock’s significant volatility compared to the broader market.
H.C. Wainwright noted Bitdeer has made progress developing its next-generation mining rigs, which offer competitive efficiency metrics compared to existing ASICs in the market. The firm also highlighted management’s disclosure that Bitdeer’s wafer supply allocation has improved, though specific details were not provided.
Management also indicated they expect to finalize an agreement with a development partner for the company’s 570 MW site in Clarington, Ohio, which is designated for HPC/AI data center development, potentially driving additional revenue streams for Bitdeer over the medium term.
In other recent news, Bitdeer Technologies Group reported a notable revenue increase for the second quarter of 2025, surpassing market expectations. The company achieved revenue of $155.6 million, significantly higher than the anticipated $90.35 million, marking a 72.22% positive surprise. However, the earnings per share (EPS) stood at -$0.76, which was a considerable deviation from the forecasted -$0.12, resulting in a 533.33% negative surprise. This performance was driven by the sale of 5 EH/s of mining rigs, generating $69.5 million in revenue, a substantial rise from the 0.3 EH/s sold in the previous quarter. In light of these results, Rosenblatt Securities has maintained its Buy rating for Bitdeer Technologies, with a price target of $20.00. These developments reflect the company’s ongoing efforts in the cryptocurrency mining sector.
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