Breaking News: Bitdeer Technologies Group (BTDR) Receives Price Target Upgrade to $15.00 Amid Expansion Plans
Cantor Fitzgerald has raised its price target for Bitdeer Technologies Group (NASDAQ:BTDR) to $15.00 from $13.00, maintaining an Overweight rating. The update comes after Bitdeer's June operations report, showing a slight decrease in mining output but significant growth in self-mining hash rate.
Bitdeer has signed a 30-year lease for 570 MW in Ohio, boosting its contracted power capacity to 2.5 GW, making it the leader in the industry. The company is set to add 1.65 GW of power capacity by 2026, expanding in Ohio, Bhutan, and Rockdale. Additionally, Bitdeer's AI cloud services business is experiencing high utilization, indicating rising demand for GPU access.
On the technology front, Bitdeer has completed the tape-out of the 14 J/TH SEAL02 chip and is working on the next-generation 10 J/TH SEAL03 chip. The company aims to deploy 3.4 EH/s of its ASIC technology by Q4 2024.
Cantor Fitzgerald is bullish on Bitdeer's future, highlighting its power pipeline and ASIC development potential. Recent operational advancements, including the increase in global contracted power capacity, have garnered positive ratings from analyst firms Roth/MKM and H.C. Wainwright.
InvestingPro Insights:
- Bitdeer's revenue has grown by 31.69% over the last twelve months, signaling a bullish trend.
- The stock has seen a 68.76% increase in the last month and a 67.8% increase in the last three months, showing strong market confidence.
- Bitdeer's stock price movements are volatile, appealing to traders seeking short-term gains.
- InvestingPro offers tips on analyzing Bitdeer's cash burn rate and valuation metrics for informed investment decisions.
With a market cap of $1.62 billion USD, Bitdeer is positioned as a significant player in the tech and mining sectors. While the company doesn't pay dividends, its growth prospects suggest potential upside for growth-oriented investors.
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