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On Monday, Rosenblatt Securities adjusted its price target for Bitdeer Technologies Group (NASDAQ: BTDR), a blockchain technology company, from $30.00 to $25.00 while still recommending the stock as a Buy. Currently trading at $10.35, the company commands a market capitalization of approximately $2 billion. The modification came as a result of Bitdeer’s latest production and operations update for February 2025, which revealed a dip in managed hash rate but an increase in self-mining capacity. According to InvestingPro data, analysts maintain a strong buy consensus with price targets ranging from $15.10 to $31.00, suggesting significant upside potential despite recent volatility.
Bitdeer reported that it mined 110 Bitcoins in February, although the total managed hash rate experienced a decline to 20.9 exahashes per second (EH/s) from 22.4 EH/s in January, attributed to reduced hosting services. Despite the drop, Bitdeer’s self-mining operations have been on the rise. The company anticipates reaching a production capacity of 35 EH/s with their SEALMINER A2 rigs by the third quarter of 2025. Approximately 7 EH/s, or around 29,000 units of these rigs, are designated for external sales, with shipments set to begin in March 2025. InvestingPro analysis reveals that while the company holds more cash than debt on its balance sheet, it’s currently experiencing rapid cash burn, which could impact future operations.
The company has faced challenges with certain customers delaying final payments due to lower Bitcoin prices. This situation has led Bitdeer’s management to redirect some mining rigs intended for sale to their internal mining operations, although they still expect to sell 7 EH/s to external clients. Additionally, Bitdeer is working on the development of its SEAL03 and SEAL04 mining rigs, with the latter aiming for an industry-leading energy efficiency of 5 joules per terahash (J/TH), with initial designs expected to be ready by the third quarter of 2025. The company’s financial health score from InvestingPro currently stands at "Weak," though its current ratio of 14.58 indicates strong short-term liquidity.
Bitdeer’s energy capacity has remained stable month-over-month at 896 megawatts (MW), with plans to expand by an additional 1,645MW. The company’s strategic initiatives, which encompass mining, infrastructure, and artificial intelligence, position it for potential growth throughout 2025.
The revised price target of $25.00 is based on a 20 times multiple of Bitdeer’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2025, reflecting Rosenblatt’s updated revenue estimates in light of the recent Bitcoin price trends and operational adjustments. While the company reported revenue of $349.78 million in the last twelve months, analysts expect significant growth in the coming year. For deeper insights into Bitdeer’s valuation and growth prospects, investors can access comprehensive analysis and 15 additional ProTips through InvestingPro’s detailed research reports.
In other recent news, Bitdeer Technologies Group announced its fourth-quarter earnings for 2024, revealing a significant decline in revenue to $69 million, down from $114.8 million the previous year. The company also reported an earnings per share (EPS) of -$3.22, which was much lower than the expected -$0.1604. Despite these disappointing results, Bitdeer has approved a new $20 million share repurchase program following the completion of a previous $10 million buyback. Analysts have responded to these developments with Needham reducing its price target for Bitdeer to $18 while maintaining a Buy rating, and Benchmark lowering its target to $24 with a similar Buy rating. H.C. Wainwright also adjusted its target to $21, citing the company’s long-term growth potential and strategic initiatives. Bitdeer is focusing on its proprietary ASIC miners and aims to achieve a self-mining hash rate of 40 Exahash by the fourth quarter of 2025. The company has also expanded its power capacity, including the acquisition of a 101 MW gas-fired power plant in Alberta, Canada, to support its mining operations.
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