Bitdeer Technologies Group (NASDAQ:BTDR) Trading Up 17.4% – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price traded up 17.4% during mid-day trading on Thursday . The company traded as high as $10.76 and last traded at $10.4480. Approximately 2,671,397 shares changed hands during trading, a decline of 69% from the average daily volume of 8,587,749 shares. The stock had previously closed at $8.90.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of Bitdeer Technologies Group from $17.00 to $14.00 and set a “market perform” rating for the company in a research report on Tuesday. Cantor Fitzgerald boosted their target price on Bitdeer Technologies Group from $11.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, May 15th. B. Riley Financial increased their target price on Bitdeer Technologies Group from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Zacks Research raised Bitdeer Technologies Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Finally, Citizens Jmp assumed coverage on Bitdeer Technologies Group in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $35.00 price target for the company. Ten investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $25.45.

Bitdeer Technologies Group Stock Down 5.2%

The firm’s 50-day moving average price is $15.04 and its 200 day moving average price is $12.49. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of -3.05 and a beta of 2.47. The company has a debt-to-equity ratio of 1.88, a current ratio of 1.85 and a quick ratio of 1.11.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.21). Bitdeer Technologies Group had a negative return on equity of 69.95% and a negative net margin of 68.11%.The company had revenue of $188.93 million for the quarter, compared to analyst estimates of $184.02 million. During the same quarter in the prior year, the firm earned ($0.37) earnings per share. The company’s revenue for the quarter was up 169.5% on a year-over-year basis. Sell-side analysts expect that Bitdeer Technologies Group will post -1.18 EPS for the current year.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of institutional investors have recently made changes to their positions in the stock. Fund Resources Investment Holding Group Co Ltd lifted its position in shares of Bitdeer Technologies Group by 3.0% in the first quarter. Fund Resources Investment Holding Group Co Ltd now owns 9,440,418 shares of the company’s stock valued at $81,660,000 after acquiring an additional 276,098 shares in the last quarter. Bank of America Corp DE increased its position in Bitdeer Technologies Group by 67.5% during the 2nd quarter. Bank of America Corp DE now owns 6,337,339 shares of the company’s stock worth $72,753,000 after purchasing an additional 2,553,093 shares in the last quarter. Situational Awareness LP raised its stake in Bitdeer Technologies Group by 92.4% in the 1st quarter. Situational Awareness LP now owns 3,439,450 shares of the company’s stock valued at $29,751,000 after purchasing an additional 1,651,450 shares during the last quarter. Value Aligned Research Advisors LLC raised its stake in Bitdeer Technologies Group by 137.0% in the 4th quarter. Value Aligned Research Advisors LLC now owns 3,267,614 shares of the company’s stock valued at $36,630,000 after purchasing an additional 1,888,825 shares during the last quarter. Finally, State Street Corp raised its stake in Bitdeer Technologies Group by 34.1% in the 4th quarter. State Street Corp now owns 3,144,782 shares of the company’s stock valued at $35,253,000 after purchasing an additional 800,003 shares during the last quarter. 22.25% of the stock is owned by institutional investors and hedge funds.

About Bitdeer Technologies Group

Bitdeer Technologies Group Inc (NASDAQ:BTDR) is a global digital asset mining and computing services provider focused on delivering secure and efficient hashrate solutions to institutional and retail customers. The company leverages its proprietary mining platform to offer hosted mining, hashrate sales and management services, enabling clients to access large-scale mining operations without direct investment in hardware or infrastructure.

Bitdeer’s core offerings include mining hosting services, whereby the firm installs, operates and maintains specialized mining equipment on behalf of customers, and hashrate-as-a-service products that provide fixed-capacity mining power with transparent pricing structures.