Bitdeer Technologies Group (NASDAQ:BTDR) Trading Up 6.2% – Should You Buy?

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price rose 6.2% during mid-day trading on Friday . The stock traded as high as $7.41 and last traded at $7.38. Approximately 604,894 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 1,994,868 shares. The stock had previously closed at $6.95.

Analyst Ratings Changes

BTDR has been the topic of several recent analyst reports. Benchmark restated a “buy” rating and issued a $16.00 target price on shares of Bitdeer Technologies Group in a report on Tuesday, August 13th. Rosenblatt Securities restated 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 cut their target price on shares of Bitdeer Technologies Group from $20.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Needham & Company LLC restated a “buy” rating and issued a $14.00 target price on shares of Bitdeer Technologies Group in a report on Thursday, September 26th. Finally, Roth Mkm reiterated a “buy” rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a report on Monday, July 1st. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $14.00.

Bitdeer Technologies Group Stock Performance

The firm has a 50-day moving average price of $7.24 and a 200-day moving average price of $7.57. The stock has a market cap of $815.11 million, a PE ratio of -17.98 and a beta of 1.92.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its quarterly 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 company had revenue of $99.23 million during the quarter, compared to analysts’ expectations 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, sell-side analysts anticipate that Bitdeer Technologies Group will post -0.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several large investors have recently modified their holdings of BTDR. Nomura Holdings Inc. bought a new stake in Bitdeer Technologies Group in the 4th quarter worth about $15,350,000. Van ECK Associates Corp increased its holdings in Bitdeer Technologies Group by 10.5% in the 1st quarter. Van ECK Associates Corp now owns 1,216,060 shares of the company’s stock worth $8,537,000 after buying an additional 115,882 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in Bitdeer Technologies Group in the 2nd quarter worth about $4,510,000. Thomist Capital Management LP bought a new stake in Bitdeer Technologies Group in the 2nd quarter worth about $1,156,000. Finally, Point72 Asset Management L.P. bought a new stake in Bitdeer Technologies Group in the 2nd quarter worth about $4,617,000. Hedge funds and other 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.