Bitdeer Technologies Group (NASDAQ:BTDR) Shares Up 15.5% – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR) shares rose 15.5% during trading on Wednesday . The stock traded as high as $14.37 and last traded at $14.4150. Approximately 7,700,227 shares were traded during trading, an increase of 2% from the average daily volume of 7,542,185 shares. The stock had previously closed at $12.48.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Benchmark decreased their price target on Bitdeer Technologies Group from $38.00 to $27.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. UBS Group reaffirmed a “buy” rating on shares of Bitdeer Technologies Group in a research report on Thursday, February 12th. Needham & Company LLC decreased their target price on Bitdeer Technologies Group from $30.00 to $22.00 and set a “buy” rating for the company in a research report on Friday, February 13th. HC Wainwright lowered their target price on shares of Bitdeer Technologies Group from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. Finally, Wall Street Zen downgraded shares of Bitdeer Technologies Group from a “sell” rating to a “strong sell” rating in a report on Saturday, May 2nd. Nine investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.20.

Bitdeer Technologies Group Trading Down 2.7%

The stock’s 50 day moving average price is $9.80 and its 200-day moving average price is $12.32. The stock has a market capitalization of $2.85 billion, a PE ratio of -4.29 and a beta of 2.32. The company has a quick ratio of 0.75, a current ratio of 0.91 and a debt-to-equity ratio of 0.28.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its earnings results on Thursday, February 12th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $224.84 million for the quarter, compared to the consensus estimate of $208.25 million. Bitdeer Technologies Group’s revenue was up 225.8% on a year-over-year basis. On average, sell-side analysts expect that Bitdeer Technologies Group will post -0.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several hedge funds have recently modified their holdings of BTDR. Goldman Sachs Group Inc. grew its stake in Bitdeer Technologies Group by 167.6% during the first quarter. Goldman Sachs Group Inc. now owns 483,022 shares of the company’s stock valued at $4,265,000 after acquiring an additional 302,548 shares in the last quarter. Legal & General Group Plc lifted its stake in Bitdeer Technologies Group by 39.0% in the 2nd quarter. Legal & General Group Plc now owns 73,541 shares of the company’s stock worth $844,000 after purchasing an additional 20,640 shares in the last quarter. New York State Common Retirement Fund bought a new position in shares of Bitdeer Technologies Group during the 2nd quarter valued at about $326,000. Invesco Ltd. boosted its holdings in shares of Bitdeer Technologies Group by 169.0% during the 2nd quarter. Invesco Ltd. now owns 71,822 shares of the company’s stock valued at $825,000 after purchasing an additional 45,120 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Bitdeer Technologies Group during the second quarter valued at about $1,558,000. Hedge funds and other institutional investors own 22.25% of the company’s stock.

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.