We recently compiled a list of the Why These 10 Stocks Are Skyrocketing. In this article, we are going to take a look at where Bitdeer Technologies Group (NASDAQ:BTDR) stands against the other stocks that are skyrocketing.
Wall Street saw a quiet trading session this week amid the lack of major catalysts to perk up the market. Despite an overall thin trading volume, 10 companies managed to outperform and mirror gains of all major indices.
To come up with the Top 10 Gainers this week, we focused on stocks that have at least $2 billion in market capitalization and $5 million in daily trading volume.
Let’s take a look at Bitdeer Technologies Group (NASDAQ:BTDR) and how it has performed so far.
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) saw a 16-percent jump in its share prices in the first two trading days of the week, closing the day at $23.56 apiece as investors hunted for bargains following a dip in its shares last week.
The company has also been the subject of several research analyses. Brokerage companies Benchmark and Rosenblatt both raised their price targets for Bitdeer to $29 and $22, respectively, while maintaining a “buy” rating.
Investors will also expect a number of relevant developments for the company, especially as it officially kicked off of its mass production of self-mining machines which are expected to contribute to the company’s self-mining expansion plans in 2025.
In similar developments, Bitdeer announced orders for 30,000 units of sealminer A2 rigs which are expected to rake in $102 million in revenues for 2025. It also announced a private offering of $360 million in convertible senior notes due in 2029, with proceeds to be used for data center expansion and the development and manufacture of ASIC-based mining rigs.
Overall, BTDR ranks 7th on our list of stocks that are skyrocketing. 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 time frame. 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.
READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock
Disclosure: None. This article is originally published at Insider Monkey.