Shares of crypto miner Bitdeer Technologies (NASDAQ:BTDR) are down at the time of writing despite receiving analyst praise. In fact, investment firm Cantor Fitzgerald began coverage with an Overweight rating, as analyst Brett Knoblauch sees strong growth potential for the company. Knoblauch also believes that Bitdeer could become one of the largest publicly traded Bitcoin (BTC-USD) mining companies.
He pointed to the four following factors as reasons why the company is currently undervalued:
- Bitdeer has a diverse business.
- It has significant potential in the commercial rig sector.
- The firm has secured power of over 2 GW of energy.
- Bitdeer will see a boost in its self-mining hash rate.
Indeed, Knoblauch pointed out that the company is expanding its data centers by adding 1,079 megawatts of power, which could increase its mining capacity by 59.5 exahashes per second.
Is BTDR a Good Stock to Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on BTDR stock based on seven Buys assigned in the past three months, as indicated by the graphic below. After a more than 12% rally in its share price over the past year, the average Bitdeer Technologies price target of $14.21 per share implies 101.27% upside potential.
