Benchmark Equity Research reiterated its Buy rating and $22 price target on Bitdeer Technologies Group, saying the market's negative reaction to the company's $1 billion shelf registration file overreached following its latest earnings report.
Bitdeer shares (BTDR) dropped more than 20% Monday to close at $8.86, according to The Block's BTDR price page.
Benchmark's $22 price target implies approximately 153% upside from that price level.
The post-earnings selloff came after the company disclosed a new shelf registration and moved its at-the-market facility onto the shelf with a $1 billion takedown, raising concerns about potential dilution, according to Benchmark.
In a note to clients on Tuesday, Benchmark analyst Mark Palmer called the share price decline "an overreaction," noting that Bitdeer confirmed during the earnings call an intention to utilize non-dilutive, project-level financing wherever contracted cash flows support it.
