Bitdeer Technologies Soars 7.71%, Hits Intraday High of $8.67

Bitdeer Technologies Group has experienced a notable uptick today, with the stock rising by 7.71% and reaching an intraday high of USD 8.67. This performance stands in contrast to the S&P 500, which saw a modest increase of 0.69% on the same day. Despite today's gains, Bitdeer has faced challenges over the longer term, with a one-week decline of 16.87% and a significant drop of 42.33% over the past month. Year-to-date, the stock is down 25.25%, and it has underperformed the S&P 500 across various time frames, including a 35.98% decrease over the past year. The company, operating within the Commercial Services & Supplies sector, reported impressive quarterly results on December 25, with net sales reaching USD 224.84 million and a pre-tax profit of USD 72.92 million, reflecting a growth of 113.69%. However, the stock's return on equity stands at -45.32%, indicating a risky valuation with a price-to-book ratio of 7.66. Institutional holdings are robust at 51.5%, having increased by 7.07% in the previous quarter, suggesting a level of confidence among larger investors.