Mike Colonnese, an analyst from H.C. Wainwright, reiterated the Buy rating on Bitdeer Technologies (BTDR – Research Report). The associated price target remains the same with $20.00.
Mike Colonnese has given his Buy rating due to a combination of factors, including Bitdeer Technologies’ significant growth prospects and current undervaluation. Despite the company’s first-quarter results for 2024 falling short of expectations due to lower hosting revenues and a substantial one-time development expense, Colonnese remains optimistic about the company’s future. His confidence is bolstered by Bitdeer’s strategic plans to double its mining capacity by the end of 2025, with notable expansions in its self-mining operations and the advancement of its proprietary mining rigs, such as the SEALMINER A1.
Colonnese’s bullish stance is further supported by Bitdeer’s competitive valuation in the market. Trading at only 1.2 times its projected 2024 revenue, Bitdeer sits at a considerable discount compared to the average 3x multiple of its peers in the Bitcoin mining sector. This, coupled with the company’s proactive measures to secure low energy costs and improvements in gross profit margin due to higher Bitcoin prices, paints a promising picture for potential investors, leading to the recommendation to Buy.
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Bitdeer Technologies (BTDR) Company Description:
Blue Safari Group Acquisition Corp a blank check company.
