Is Bitdeer Technologies Group (BTDR) Among Tuesday’s Top Gainers?

We recently published an article titled 10 Firms Post Impressive Gains on Tuesday. In this article, we are going to take a look at where Bitdeer Technologies Group (NASDAQ:BTDR) stands against the other firms.

Ten companies posted significant gains on Tuesday, mirroring the upward movement of two key Wall Street indices. The Dow Jones Industrial Average rose by 0.52%, while the S&P 500 edged up by 0.11%.

A combination of positive catalysts—including strategic partnerships, strong earnings reports, and favorable analyst outlooks—helped drive their performance. In this article, we highlight the top 10 gainers and explore the factors behind their impressive gains.

To come up with Tuesday’s top gainers, 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)

Bitdeer Technologies Group (NASDAQ:BTDR) jumped by 11.28 percent on Tuesday to end at $19.04 each after investment banking firm Needham & Company LLC raised its price target for the company by 57 percent to $22 from $14 earlier, while giving it a “buy” rating.

The update was based on refreshed expectations for machine manufacturing sales. It also increased its valuation multiple on growing confidence in Bitdeer’s high-performance compute opportunities.

Earlier this month, Bitdeer Technologies Group (NASDAQ:BTDR) also earned a bullish outlook from Roth MKM, with a “buy” rating and a $29 price target.

Bitdeer, a $4-billion heavyweight in Bitcoin mining, rallied in line with higher Bitcoin prices, which as of Tuesday touched the $97,000 level.

Overall BTDR ranks 3rd on our list of Tuesday’s top gainers. 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.