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

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BTDR. Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a research note on Thursday, September 26th. Northland Securities began coverage on Bitdeer Technologies Group in a report on Wednesday, October 9th. They set an “outperform” rating and a $13.00 price target for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $13.00 price target on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. Rosenblatt Securities reiterated a “buy” rating and issued a $9.00 price target on shares of Bitdeer Technologies Group in a research note on Tuesday, October 8th. Finally, Alliance Global Partners began coverage on shares of Bitdeer Technologies Group in a research note on Tuesday, October 8th. They issued a “buy” rating and a $14.00 price target on the stock. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Bitdeer Technologies Group has a consensus rating of “Buy” and a consensus price target of $13.70.

Bitdeer Technologies Group Stock Up 8.1 %

The business’s 50 day simple moving average is $7.04 and its two-hundred day simple moving average is $7.59. The stock has a market capitalization of $976.34 million, a P/E ratio of -21.15 and a beta of 1.92.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its earnings results on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.06). The business had revenue of $99.23 million during the quarter, compared to the consensus estimate of $110.79 million. Bitdeer Technologies Group had a negative net margin of 5.69% and a negative return on equity of 2.56%. Analysts predict that Bitdeer Technologies Group will post -0.31 earnings per share for the current year.

Institutional Trading of Bitdeer Technologies Group

Hedge funds have recently bought and sold shares of the business. Central Asset Investments & Management Holdings HK Ltd bought a new stake in Bitdeer Technologies Group during the second quarter worth $272,000. XTX Topco Ltd bought a new stake in Bitdeer Technologies Group during the second quarter worth $276,000. Symmetry Investments LP bought a new stake in Bitdeer Technologies Group during the second quarter worth $432,000. Virtu Financial LLC bought a new stake in Bitdeer Technologies Group during the first quarter worth $431,000. Finally, Thomist Capital Management LP bought a new stake in Bitdeer Technologies Group during the second quarter worth $1,156,000. 22.25% of the stock is currently owned by institutional investors.

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.