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

We recently published a list of Bitcoin Miners, Quantum Computing Lead Rally: A Look at Wednesday’s Top 10 Gainers. In this article, we are going to take a look at where Bitdeer Technologies Group (NASDAQ:BTDR) stands among Wednesday’s top gainers that lead rally.

Wall Street’s main indices closed in the green territory on Wednesday, posting gains of more than 1 percent as investors cheered news of a tamed inflation rate for November.

The Dow Jones jumped by 1.65 percent, while the S&P 500 surged by 1.83 percent. Meanwhile, the Nasdaq Composite index soared 2.45 percent.

Ten companies mirrored the broader market optimism, led by the quantum computing and bitcoin mining sectors. Today, let’s take a look at what buoyed investor sentiment for each of the top gainers.

To come up with Wednesday’s top advancers, 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) rallied for a second day on Wednesday in line with higher Bitcoin prices and after receiving a rating boost from investment banking firm Needham & Company LLC.

On Tuesday, Needham upgraded its price target for Bitdeer by 57 percent to $22 from $14, while giving it a “buy” rating, indicating an optimistic outlook. The upgrade was based on refreshed expectations for machine manufacturing sales as well as on growing confidence in Bitdeer’s high-performance computing 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 (NASDAQ:BTDR)—a $4-billion heavyweight in Bitcoin mining—rallied in line with higher Bitcoin prices, which as of Wednesday, was again trying to regain its strength towards the $100,000 level.

Overall, BTDR ranks 10th on our list of Wednesday’s top gainers that lead rally. While we acknowledge the potential of BTDR as a leading investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as 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.