Bitdeer Technologies Group (NASDAQ:BTDR) Trading 6% Higher – Here’s Why

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) traded up 6% during mid-day trading on Monday . The company traded as high as $10.32 and last traded at $9.9070. 1,276,942 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 7,882,844 shares. The stock had previously closed at $9.35.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. BTIG Research reaffirmed a “buy” rating on shares of Bitdeer Technologies Group in a report on Friday, January 16th. Zacks Research downgraded Bitdeer Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Monday, March 16th. Needham & Company LLC lowered their price target on Bitdeer Technologies Group from $30.00 to $22.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. Benchmark lowered their price target on Bitdeer Technologies Group from $38.00 to $27.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Finally, UBS Group restated a “buy” rating on shares of Bitdeer Technologies Group in a research report on Thursday, February 12th. Ten research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $26.60.

Bitdeer Technologies Group Stock Down 2.1%

The stock has a 50-day simple moving average of $9.42 and a two-hundred day simple moving average of $13.38. The company has a quick ratio of 0.75, a current ratio of 0.91 and a debt-to-equity ratio of 0.28. The firm has a market cap of $1.99 billion, a PE ratio of -3.00 and a beta of 2.28.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its quarterly earnings results on Thursday, February 12th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.59). Bitdeer Technologies Group had a net margin of 10.58% and a return on equity of 8.92%. The firm had revenue of $224.84 million for the quarter, compared to analysts’ expectations of $208.25 million. The business’s revenue for the quarter was up 225.8% compared to the same quarter last year. Analysts expect that Bitdeer Technologies Group will post -0.73 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. First Trust Advisors LP grew its stake in shares of Bitdeer Technologies Group by 2.2% during the third quarter. First Trust Advisors LP now owns 40,138 shares of the company’s stock valued at $686,000 after buying an additional 878 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Bitdeer Technologies Group by 5.6% during the third quarter. Public Employees Retirement System of Ohio now owns 20,800 shares of the company’s stock valued at $355,000 after buying an additional 1,100 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Bitdeer Technologies Group by 1.3% during the third quarter. Alliancebernstein L.P. now owns 104,787 shares of the company’s stock valued at $1,791,000 after buying an additional 1,307 shares during the last quarter. Invesco Ltd. grew its stake in shares of Bitdeer Technologies Group by 3.7% during the fourth quarter. Invesco Ltd. now owns 71,930 shares of the company’s stock valued at $806,000 after buying an additional 2,597 shares during the last quarter. Finally, ProShare Advisors LLC grew its stake in shares of Bitdeer Technologies Group by 17.4% during the fourth quarter. ProShare Advisors LLC now owns 18,023 shares of the company’s stock valued at $202,000 after buying an additional 2,670 shares during the last quarter. 22.25% of the stock is owned by institutional investors.

Bitdeer Technologies Group Company Profile

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.