Why Bitdeer Technologies Group (BTDR) Is Among Last Week’s Biggest Losers?

We recently published a list of These 10 Firms Were Last Week’s Biggest Losers. In this article, we are going to take a look at where Bitdeer Technologies Group (NASDAQ:BTDR) stands against other firms that were last week’s biggest losers.

Ten companies fell significantly last week, mirroring a broader market downturn, as investors sold off positions following disappointing news and data that weighed heavily on market sentiment.

On Friday, the Dow Jones recorded its largest weekly drop, falling 1.07%, while the S&P’s main index and Nasdaq declined by 0.71% and 0.62%, respectively.

To come up with this week’s top decliners, we considered only the stocks with at least $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) fell by more than 19 percent over the past five trading days, ending Friday at $18.5 versus the $22.9 finish a week prior.

Bitdeer Technologies Group (NASDAQ:BTDR), a $4-billion heavyweight in Bitcoin mining, dropped in line with the decline in the price of Bitcoin, which as of Friday was down by 1.67 percent. Bitcoin’s five-day trading performance also marked a 1.07 percent week-on-week.

Despite the decline, analysts remained bullish on the company, with Roth MKM maintaining a buy rating for the company and increasing its price target to $29 citing progress in high-performance computing and Artificial Intelligence, and rapid traction of its SEALMINER platform.

Bitdeer Technologies Group (NASDAQ:BTDR) earlier signaled an aggressive growth plan over the next few years. Just recently, it raised as much as $1 billion from a fundraising program, with proceeds to be used for its expansion plans.

Overall, BTDR ranks 4th on our list of firms that were last week’s biggest losers. 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.

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Disclosure: None. This article is originally published at Insider Monkey.