Bitdeer Technologies Group (BTDR) witnessed a significant surge of 5.12% in its stock price during the intraday trading session on Monday, November 18th. This rally came despite the company reporting a larger-than-expected quarterly loss for the third quarter of 2024.
According to the earnings report, Bitdeer Technologies Group posted an adjusted loss of $0.35 per share for the quarter ended September 30, missing analysts' estimates of a $0.10 loss per share. The company's revenue also fell short of expectations, rising 13.7% year-over-year to $62.03 million but missing the consensus estimate of $78.85 million.
However, the company demonstrated robust growth in certain areas, including a substantial increase in proceeds from the disposal of cryptocurrencies, which could have fueled investor optimism. Additionally, analysts maintained a positive outlook on the stock, with the current average analyst rating being "buy" and a median 12-month price target of $14.
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