Bitdeer Technologies Group (NASDAQ:BTDR) Trading 8.2% Higher – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR) traded up 8.2% on Friday . The company traded as high as $8.79 and last traded at $8.73. 2,115,317 shares changed hands during mid-day trading, an increase of 6% from the average session volume of 1,989,515 shares. The stock had previously closed at $8.07.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Benchmark restated a “buy” rating and issued a $16.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday, August 13th. HC Wainwright decreased their price objective on shares of Bitdeer Technologies Group from $20.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. B. Riley decreased their price objective on shares of Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating for the company in a report on Friday, October 11th. Rosenblatt Securities reiterated a “buy” rating and set a $9.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, October 8th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $14.00 target price on shares of Bitdeer Technologies Group in a research note on Thursday, September 26th. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bitdeer Technologies Group presently has an average rating of “Buy” and a consensus target price of $13.70.

Bitdeer Technologies Group Stock Performance

The business’s 50-day moving average price is $7.05 and its 200-day moving average price is $7.60. The stock has a market cap of $971.86 million, a P/E ratio of -21.17 and a beta of 1.92.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). Bitdeer Technologies Group had a negative net margin of 5.69% and a negative return on equity of 2.56%. The business had revenue of $99.23 million for the quarter, compared to the consensus estimate of $110.79 million. As a group, equities research analysts expect that Bitdeer Technologies Group will post -0.31 earnings per share for the current year.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. bought a new position in Bitdeer Technologies Group in the 2nd quarter worth $4,617,000. Millennium Management LLC boosted its holdings in Bitdeer Technologies Group by 901.0% in the 2nd quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock worth $4,210,000 after buying an additional 369,363 shares during the period. Point72 Hong Kong Ltd bought a new position in Bitdeer Technologies Group in the 2nd quarter worth $4,510,000. Marshall Wace LLP bought a new position in Bitdeer Technologies Group in the 2nd quarter worth $5,074,000. Finally, D1 Capital Partners L.P. bought a new position in Bitdeer Technologies Group in the 2nd quarter worth $5,386,000. Institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and Hash rate marketplace; and a one-stop mining machine hosting solutions encompassing deployment, maintenance, and management services for efficient cryptocurrency mining; as well as mines cryptocurrencies for its own account.