Bitdeer Technologies Group (BTDR) received a price target increase from H.C. Wainwright after the company reported its second-quarter earnings. The firm signaled growing confidence in the company's growth trajectory following its second-quarter (Q2) results.
The company’s Q2 revenue jumped 56.8% year-on-year to $155.6 million, beating the analysts’ consensus estimate of $109.20 million, as per Fiscal AI data. Also, Bitdeer reiterated its plan to reach 40 EH/s in self-mining capacity by October 2025, a target it had previously outlined.
In a note to investors, the firm raised its 12-month price target for Bitdeer stock from $18 to $19, while maintaining a ‘Buy’ rating, as per TheFly. The firm highlighted Bitdeer’s Q2 performance as an ‘inflection point’ in the company’s financial story, citing strong revenue figures and a reaffirmation of 2025 goals.
Bitdeer Technologies' stock traded over 7% higher on Monday afternoon. On Stocktwits, retail sentiment around the stock jumped to ‘extremely bullish’ from ‘bearish’ territory. Message volume shifted to ‘extremely high’ from ’low’ levels in 24 hours.
The stock saw a 200% increase in user message count as of Monday morning. A Stocktwits user commended the stock’s recovery.
The firm believes Bitdeer is entering a period of accelerated revenue generation, thanks to the rapid scaling of its mining operations. The anticipated increase in self-mining capacity is expected to drive a ‘significant ramp’ in the company's sales through the coming quarters.
For July, the crypto mining firm reported a 35% boost in self-mining hashrate, reaching 22.3 exahashes per second (EH/s), primarily driven by the activation of its SEALMINER rigs. The company mined 282 Bitcoin during the month, marking a 39% increase from June.
Bitdeer Technologies' stock has lost over 33% year-to-date and has gained over 108% in the last 12 months.
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