Benchmark Raises Bitdeer Technologies Group (NASDAQ:BTDR) Price Target to $16.00

Bitdeer Technologies Group (NASDAQ:BTDR) had its price objective hoisted by Benchmark from $13.00 to $16.00 in a research report released on Monday, Benzinga reports. Benchmark currently has a buy rating on the stock.

Several other brokerages have also recently commented on BTDR. Needham & Company LLC reissued a buy rating and set a $14.00 price target on shares of Bitdeer Technologies Group in a research report on Wednesday, May 15th. B. Riley raised their price objective on Bitdeer Technologies Group from $9.00 to $14.00 and gave the company a buy rating in a research report on Friday, July 12th. HC Wainwright reaffirmed a buy rating and issued a $20.00 price objective on shares of Bitdeer Technologies Group in a research report on Tuesday, June 11th. Cantor Fitzgerald raised Bitdeer Technologies Group to a strong-buy rating in a research report on Wednesday, June 12th. Finally, Rosenblatt Securities started coverage on Bitdeer Technologies Group in a research note on Tuesday, April 9th. They set a buy rating and a $10.50 target price on the stock. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Bitdeer Technologies Group has an average rating of Buy and a consensus target price of $14.56.

Bitdeer Technologies Group Stock Performance

NASDAQ:BTDR opened at $9.88 on Monday. The stock has a 50-day simple moving average of $8.86 and a 200 day simple moving average of $7.55. Bitdeer Technologies Group has a 52-week low of $2.77 and a 52-week high of $14.65. The company has a market cap of $1.11 billion, a PE ratio of -24.10 and a beta of 1.96.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its quarterly earnings results on Monday, May 13th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.07). Bitdeer Technologies Group had a negative net margin of 11.21% and a negative return on equity of 3.98%. The company had revenue of $119.51 million for the quarter, compared to analyst estimates of $119.12 million. On average, research analysts predict that Bitdeer Technologies Group will post 0.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Large investors have recently made changes to their positions in the company. Nomura Holdings Inc. bought a new position in Bitdeer Technologies Group during the 4th quarter worth $15,350,000. Van ECK Associates Corp increased its stake in Bitdeer Technologies Group by 10.5% during the 1st quarter. Van ECK Associates Corp now owns 1,216,060 shares of the company’s stock worth $8,537,000 after acquiring an additional 115,882 shares during the period. Vident Advisory LLC increased its stake in Bitdeer Technologies Group by 186.4% during the 1st quarter. Vident Advisory LLC now owns 868,622 shares of the company’s stock worth $6,098,000 after acquiring an additional 565,362 shares during the period. CloudAlpha Capital Management Limited Hong Kong bought a new position in Bitdeer Technologies Group during the 4th quarter worth $1,199,000. Finally, Virtu Financial LLC bought a new position in Bitdeer Technologies Group during the 1st quarter worth $431,000. Institutional investors own 22.25% of the company’s stock.

About Bitdeer Technologies Group

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.