BTIG Starts Bitdeer Technologies Group (BTDR) at Buy

March 13, 2024 5:36 AM EDT
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Price: $5.71 -2.56%

Rating Summary:
    8 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 14 | Down: 13 | New: 8
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BTIG analyst Gregory Lewis initiates coverage on Bitdeer Technologies Group (NASDAQ: BTDR) with a Buy rating and a price target of $15.00.

The analyst comments "Bitdeer (BTDR) is an established global Bitcoin (BTC) miner with a diversified footprint with ~7 EH of self-mining hash (~1% of the global fleet) and ~15 EH (~2% of the global fleet) under hosting inclusive of cloud hash (think customers renting hash using BTDR's infrastructure and rigs). The company plans to increase self mining ~4x from current to the 30 EH range, which management expects to deploy at its ~1,075 MW of power infrastructure in development. On the technology kicker, BTDR started investing in equipment technology last year, as they look to increase rig efficiency (think boosting hash per kw) and at the least control their destiny in sourcing rigs. Bottom line: BTDR has an installed base of competitive power infrastructure, which we believe puts the company near the lower end of the cost curve. We initiate with a Buy rating and $15 PT."

For an analyst ratings summary and ratings history on Bitdeer Technologies Group click here. For more ratings news on Bitdeer Technologies Group click here.

Shares of Bitdeer Technologies Group closed at $6.29 yesterday.

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