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On Thursday, Cantor Fitzgerald's analysis led to a revised price target for Bitdeer Technologies Group (NASDAQ:BTDR), now set at $13.00, down from the previous $17.00, while the Overweight rating remains unchanged. Currently trading at $8.83 with a market capitalization of $1.7 billion, BTDR has shown significant price volatility, as highlighted by InvestingPro data. The adjustment reflects a recalibration in response to declining peer multiples and revised financial forecasts for the company.
The firm's analyst, Brett Knoblauch, expressed continued confidence in Bitdeer, citing the potential for its ASIC manufacturing division to increase market share. With revenue of $349.78 million and a strong liquidity position evidenced by a current ratio of 14.58, the company maintains a solid financial foundation. Knoblauch highlighted the Artificial Intelligence/High-Performance Computing (AI/HPC) segment as significantly undervalued, with expectations for it to gain substantial traction. Moreover, the firm's Bitcoin mining operations are anticipated to experience growth, positioning Bitdeer as the sole vertically integrated, publicly-traded self-mining entity in the market.
Despite the positive outlook, the decision to lower the 12-month price target to $13 stems from a combination of factors. The adjustment takes into account the downward trend in valuation multiples among Bitdeer's industry peers, which has influenced the broader market's assessment of the company's worth. Furthermore, Cantor Fitzgerald has also scaled back its revenue and adjusted EBITDA projections for Bitdeer for the fiscal year 2025.
Knoblauch's remarks underscore a belief in Bitdeer's continued undervaluation by the market, despite the adjustments to the financial outlook. By maintaining the Overweight rating, Cantor Fitzgerald signals its opinion that Bitdeer's stock currently presents a more favorable risk-reward balance compared to others in the same sector.
The revised price target and maintained rating reflect a nuanced view of Bitdeer's market position and future prospects, taking into account both the company's unique strengths and the broader industry context that might impact its financial performance. For deeper insights into Bitdeer's valuation and financial health, InvestingPro subscribers can access 12 additional key tips and a comprehensive Pro Research Report, offering expert analysis and actionable intelligence for informed investment decisions.
In other recent news, Bitdeer Technologies Group has made significant advancements in its operations and financial strategies. The company reported the completion of mass production for its SEALMINER A1 rigs, achieving a hashrate of 2.8 EH/s, and announced plans to commission 70 MW of its Tydal, Norway site, with an additional 105 MW expected by mid-2025. Bitdeer also unveiled its new SEALMINER A2 Pro series, featuring enhanced efficiency and noise reduction, and mined 114 Bitcoins in March, increasing its self-mining hashrate to 11.5 EH/s. On the financial front, Bitdeer completed a $9 million share repurchase, exhausting a previous $10 million program, and approved a new $20 million buyback plan.
Analysts from Needham have adjusted Bitdeer's stock target to $15 from $18, maintaining a Buy rating, citing revised expectations for ASIC deliveries and self-mining revenue projections. Meanwhile, Rosenblatt Securities lowered its price target for Bitdeer from $30 to $25, also maintaining a Buy rating, following a dip in managed hash rate but an increase in self-mining capacity. Bitdeer has engaged Northland Capital Markets to advise on its data center development strategy in the U.S., focusing on large-scale sites. Additionally, the company has signed an agreement for a new 50 MW mining datacenter in Ethiopia, aiming for energization by Q4 2025.
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