Why Bitdeer Technologies Group (BTDR) Went Up on Thursday

We recently compiled a list of the 10 Firms Stayed Strong Amid Market Bloodbath. In this article, we are going to take a look at where Bitdeer Technologies Group (NASDAQ:BTDR) stands against the other stocks.

The stock market ended in a bloodbath on Thursday, with all major indices finishing in the red, as investors turned cautious anew over President Donald Trump’s tariff imposition on goods from more countries.

The Dow Jones dropped by 0.45 percent, while the S&P declined 1.59 percent. Nasdaq, on the other hand, lost 2.78 percent.

On Thursday, Trump threatened to slap EU products with a 25-percent tariff, following his announcement on Wednesday of another month of delay for the imposition of taxes on goods from Mexico and Canada.

Meanwhile, ten companies defied broader market pessimism, posting strong gains during the day.

To come up with Thursday’s top gainers, we considered only the stocks with $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) grew its share prices for a second day on Thursday, adding 6.24 percent to close at $10.89 apiece as investors bought up following the company’s upgraded rating from an investment firm.

In a report, Bitdeer Technologies Group (NASDAQ:BTDR) earned a “buy” rating from stock researchers of Roth Mkm, albeit the price target was lowered to $23.50 from $29 previously.

The rating followed the company’s fourth-quarter earnings results released on Tuesday, where net losses in the fourth quarter of the year widened by 10,538 percent to $531.9 million from $5 million in the same period a year earlier, while revenues declined by 40 percent to $69 million from $114.8 million year-on-year.

According to Bitdeer Technologies Group (NASDAQ:BTDR), the performance was due to its prioritized investments in proprietary ASIC technology, which temporarily limited its hashrate growth and impacted its financial performance.

Overall BTDR ranks 10th on our list of Thursday’s top gainers. While we acknowledge the potential of BTDR as an 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 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.