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On Monday, Needham analysts adjusted their financial expectations for Bitdeer Technologies Group (NASDAQ:BTDR), a company specializing in cryptocurrency mining. The firm’s price target for Bitdeer stock has been reduced to $13.00, down from the previous $15.00, while the Buy rating on the stock remains unchanged. According to InvestingPro data, the stock appears undervalued at its current price of $7.62, with analyst targets ranging from $12 to $26.
The revision of the price target reflects Needham’s updated forecast for Bitdeer’s adjusted EBITDA in 2025. This change is based on several factors, including a projected decrease in ASIC deliveries in the second half of 2025, along with slight increases in power costs, selling, general, and administrative expenses (SG&A), and research and development (R&D) spending.
Needham’s analysis comes after discussions with Bitdeer’s management team, during which they noted an ongoing weak demand for ASICs. This trend is attributed to the current downturn in Bitcoin prices and the broader uncertainty in the macroeconomic environment. Additionally, while Bitdeer’s management is adopting a wait-and-see approach regarding direct tariff impacts, they have indicated a willingness to make price adjustments if necessary.
Most of Bitdeer’s production is located in Southeast Asia, outside the reach of China’s regulatory environment. The company has also taken strategic steps to strengthen its position in the AI and high-performance computing (HPC) space. Bitdeer has engaged an investment bank to help with negotiations with potential development partners and capital providers. According to Needham, it is becoming more probable that major hyperscalers will only agree to lease arrangements if miners like Bitdeer have development partners involved in their operations. InvestingPro subscribers can access 13 additional ProTips and comprehensive analysis of Bitdeer’s financial health, which currently shows a weak overall score of 1.16 out of 5. The company maintains a strong current ratio of 14.58, suggesting adequate liquidity to meet short-term obligations despite operational challenges.
In other recent news, Bitdeer Technologies Group has seen several key developments. The company reported mining 114 Bitcoin in March 2025, with an increase in its self-mining hash rate to 11.5 EH/s, attributed to the deployment of SEALMINER A1 mining rigs. Bitdeer plans to integrate an additional 1.0 EH/s of A1 rigs in April. Meanwhile, the company has temporarily paused the disclosure of wafer capacity due to market uncertainties. Analysts have adjusted their price targets for Bitdeer, with Cantor Fitzgerald lowering it to $13 while maintaining an Overweight rating, and Rosenblatt setting it at $12 with a Buy rating. Needham also revised its target to $15, maintaining a Buy recommendation. Bitdeer’s expansion efforts include the approval for its Norway site and a new 50 MW datacenter in Ethiopia, aiming for energization by the fourth quarter of 2025. The company continues to develop its high-performance computing and AI data center strategy, engaging Northland Capital Markets for financial advisory. Bitdeer has also launched the SEALMINER A2 Pro series, featuring improved energy efficiency and noise reduction.
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