Bitdeer selloff brings ‘compelling buying opportunity,’ says H.C. Wainwright

H.C. Wainwright sees a “compelling buying opportunity” with Bitdeer Technologies Group shares down 56% since October, which the firm attributes to specific technical factors. The company’s business fundamentals remain strong, while sentiment for bitcoin continues to improve, the analyst tells investors in a research note. While some additional selling pressure from previously locked-up shares is plausible over the short-term, any such activity would work to increase float and liquidity in Bitdeer, says the firm. It expects the company’s “significant valuation gap” to narrow as investors gain more familiarity with “this under-the-radar miner and its large-scale diversified operations.” H.C. Wainwright keeps a Buy rating on the shares with a $20 price target.