Bitdeer Technologies Group (NASDAQ:BTDR) Given Buy Rating at Needham & Company LLC

Bitdeer Technologies Group (NASDAQ:BTDR)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a note issued to investors on Thursday, Benzinga reports. They presently have a $14.00 price objective on the stock. Needham & Company LLC’s price objective indicates a potential upside of 85.68% from the company’s current price.

Several other research analysts have also recently commented on the stock. Roth Mkm reiterated a “buy” rating and issued a $14.00 target price on shares of Bitdeer Technologies Group in a report on Monday, July 1st. Benchmark reaffirmed a “buy” rating and set a $16.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, August 13th. Rosenblatt Securities reiterated a “buy” rating and issued a $9.00 target price on shares of Bitdeer Technologies Group in a report on Wednesday, August 14th. HC Wainwright decreased their price target 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. Finally, B. Riley boosted their price objective on shares of Bitdeer Technologies Group from $9.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $14.00.

Bitdeer Technologies Group Stock Performance

Shares of NASDAQ:BTDR opened at $7.54 on Thursday. The company has a market capitalization of $844.25 million, a PE ratio of -18.39 and a beta of 1.90. The stock has a fifty day moving average of $7.59 and a 200-day moving average of $7.55. Bitdeer Technologies Group has a one year low of $2.77 and a one year high of $14.27.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate 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 company had revenue of $99.23 million for the quarter, compared to analysts’ expectations of $110.79 million. As a group, research analysts forecast that Bitdeer Technologies Group will post -0.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of hedge funds have recently added to or reduced their stakes in the company. Central Asset Investments & Management Holdings HK Ltd acquired a new stake in Bitdeer Technologies Group in the second quarter valued at approximately $272,000. XTX Topco Ltd bought a new position in shares of Bitdeer Technologies Group during the 2nd quarter valued at $276,000. Virtu Financial LLC acquired a new stake in shares of Bitdeer Technologies Group in the 1st quarter valued at $431,000. Symmetry Investments LP bought a new stake in Bitdeer Technologies Group in the second quarter worth $432,000. Finally, Thomist Capital Management LP acquired a new position in Bitdeer Technologies Group during the second quarter worth $1,156,000. Institutional investors and hedge funds 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.