12 Tech Stocks with the Biggest Upside Potential

2. Bitdeer Technologies Group (NASDAQ:BTDR)

Potential Upside: 134.56%

Number of Hedge Fund Holders: 26

Stephen Glagola, an analyst at Keefe Bruyette, downgraded Bitdeer Technologies Group (NASDAQ:BTDR) from Buy to Hold on January 26. He also lowered the firm’s price target for the shares from $26.50 to $14, implying a 7.36% downside from the current levels. This reflects a more cautious view on the company’s valuation outlook. The firm explained in a research note to investors that the company’s growing focus on its AI cloud services introduces additional uncertainty about its long-term value-creation potential. The segment’s relatively small scale drives this uncertainty at present, as does the limited visibility into expansion plans across the United States and Europe.

Bitdeer Technologies remains well-positioned to become the leading publicly traded bitcoin miner by the end of 2026, as per the analyst, who also pointed out that mining is inherently a lower EBITDA multiple business, which continues to weigh on the overall investment case.

In contrast to Keefe Bruyette, Needham analyst John Todaro maintained a Buy rating on the stock while reaffirming the firm’s price target of $30 for the shares on January 16. The firm’s price target offers an attractive 130% upside from the current levels. This upside is consistent with the median Wall Street analyst upside estimate of 134.56%, based on 12 analysts covering the stock.

Bitdeer Technologies Group (NASDAQ:BTDR) is a blockchain and high-performance computing (HPC) technology company operating in the United States, Norway, Singapore, and Bhutan. It provides hash rate sharing solutions and one-stop mining-rig hosting solutions. The company also operates mining datacenters to generate hash rate.