We recently published a list of 10 Firms Mirror Wall Street Decline. In this article, we are going to take a look at where Bitdeer Technologies Group (NASDAQ:BTDR) stands against other firms mirroring Wall Street decline.
Wall Street’s main indices suffered a bloodbath on Tuesday, as investors shifted to other higher-yielding assets following better Treasury yields.
The Nasdaq Composite led the drop, losing 1.89 percent, followed by the S&P 500 declining 1.11 percent. Meanwhile, the Dow Jones dipped by 0.42 percent.
The overall market downturn dragged down the prices of these 10 companies. In this article, let’s explore the reasons behind their decline.
To come up with Tuesday’s top losers, 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)
Shares of Bitdeer Technologies (NASDAQ:BTDR) dived by 15.36 percent or $3.58 points to close at $19.7 apiece on Tuesday, with investor sentiment believed to be dragged by an overall market downturn.
Analysts said investors remained cautious over the company’s recent $1 billion fundraising program, particularly if it would result in a potential dilution in its valuations.
Bitdeer (NASDAQ:BTDR)—a $4 billion heavyweight in Bitcoin mining and data center services—has signaled an aggressive growth plan over the next few years.
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.
Overall, BTDR ranks first on our list of firms mirroring Wall Street decline. 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.