Here’s Why Bitdeer Technologies Group (NASDAQ:BTDR) Crashed Today

We recently compiled a list of the 10 Firms Mirror Dow Jones Decline on Monday. In this article, we are going to take a look at where Bitdeer Technologies Group (NASDAQ:BTDR) stands against the other stocks.

Ten companies kicked off this week’s trading mirroring a decline on Dow Jones with a series of catalysts dampening investor sentiment. In this article, let’s explore the reasons behind their decline.

To come up with Monday’s top losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A construction team in a mining datacenter building work site with plans and equipment in hand.

Bitdeer Technologies Group (NASDAQ:BTDR)

Shares of Bitdeer declined by 10.8 percent on Monday to end at $23.28 per share as investors pocketed early gains after its valuation rose to an all-time high of $26.99.

According to analysts, its intra-day high was bolstered by reports that it officially filed for a $1 billion fundraising program, but some investors are raising brows over a potential dilution in its valuations.

Bitdeer—a $4 billion heavyweight in Bitcoin mining and data center services—has signaled an aggressive growth plan over the next few years.

Analysts also posted a bullish outlook on Bitdeer, with Roth MKM maintaining a buy rating for the company and increasing its price target to $29 citing progress in high-performance computing and Artificial Intelligence, and rapid traction of its SEALMINER platform.

Benchmark also raised its target price to $29 from $16 while maintaining a “buy” rating, highlighting Bitdeer’s development and operation of data centers, increased hash rate, and efforts in designing and manufacturing next-generation ASIC chips and bitcoin mining rigs.

Overall BTDR ranks 2nd on our list of the stocks that crashed today. While we acknowledge the potential of BTDR as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than BTDR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.