Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Up 13.4% – Here’s Why

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) were up 13.4% during trading on Wednesday . The company traded as high as $12.58 and last traded at $12.44. Approximately 1,782,839 shares traded hands during mid-day trading, a decline of 16% from the average daily volume of 2,132,680 shares. The stock had previously closed at $10.97.

Analysts Set New Price Targets

A number of analysts recently commented on BTDR shares. B. Riley dropped their price target on Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Benchmark reaffirmed a “buy” rating and issued a $16.00 price target on shares of Bitdeer Technologies Group in a research note on Tuesday, August 13th. HC Wainwright dropped their price target on Bitdeer Technologies Group from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $13.00 price target on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a report on Thursday, September 26th. Ten research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Bitdeer Technologies Group has a consensus rating of “Buy” and a consensus target price of $13.70.

Bitdeer Technologies Group Stock Up 1.3 %

The firm has a fifty day moving average price of $7.71 and a two-hundred day moving average price of $7.89. The stock has a market capitalization of $1.20 billion, a P/E ratio of -58.37 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) earnings per share 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 the consensus estimate of $110.79 million. Sell-side analysts anticipate that Bitdeer Technologies Group will post -0.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several institutional investors and hedge funds have recently modified their holdings of BTDR. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Bitdeer Technologies Group during the third quarter valued at $169,000. Central Asset Investments & Management Holdings HK Ltd purchased a new stake in shares of Bitdeer Technologies Group during the second quarter valued at $272,000. XTX Topco Ltd purchased a new stake in shares of Bitdeer Technologies Group during the second quarter valued at $276,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Bitdeer Technologies Group during the third quarter valued at $220,000. Finally, Symmetry Investments LP purchased a new stake in shares of Bitdeer Technologies Group during the second quarter valued at $432,000. 22.25% of the stock is currently 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.