Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Up – Still a Buy?

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $10.60, but opened at $11.30. Bitdeer Technologies Group shares last traded at $10.88, with a volume of 814,352 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Northland Securities assumed coverage on Bitdeer Technologies Group in a research report on Wednesday, October 9th. They set an “outperform” rating and a $13.00 price objective on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $9.00 price objective on shares of Bitdeer Technologies Group in a research report on Tuesday, October 8th. B. Riley cut their price objective on Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 price objective on shares of Bitdeer Technologies Group in a research report on Thursday, September 26th. Finally, Northland Capmk raised Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Ten investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bitdeer Technologies Group currently has a consensus rating of “Buy” and an average target price of $13.70.

Bitdeer Technologies Group Stock Performance

The business has a 50-day moving average price of $7.71 and a 200 day moving average price of $7.89. The stock has a market capitalization of $1.24 billion, a P/E ratio of -55.79 and a beta of 1.92.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). The company had revenue of $99.23 million during the quarter, compared to the consensus estimate of $110.79 million. Bitdeer Technologies Group had a negative return on equity of 2.56% and a negative net margin of 5.69%. As a group, research analysts forecast that Bitdeer Technologies Group will post -0.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Bitdeer Technologies Group in the 3rd quarter valued at approximately $169,000. Central Asset Investments & Management Holdings HK Ltd bought a new position in Bitdeer Technologies Group in the 2nd quarter valued at approximately $272,000. XTX Topco Ltd bought a new position in Bitdeer Technologies Group in the 2nd quarter valued at approximately $276,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Bitdeer Technologies Group in the 3rd quarter valued at approximately $220,000. Finally, Symmetry Investments LP bought a new position in Bitdeer Technologies Group in the 2nd quarter valued at approximately $432,000. 22.25% of the stock is owned by institutional investors.

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.