Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Up 6.5% After Analyst Upgrade

Bitdeer Technologies Group (NASDAQ:BTDR) shot up 6.5% during mid-day trading on Wednesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The company traded as high as $19.95 and last traded at $19.9770. 6,726,033 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 8,068,738 shares. The stock had previously closed at $18.76.

Other equities analysts also recently issued reports about the stock. Weiss Ratings upgraded shares of Bitdeer Technologies Group from a “sell (d-)” rating to a “hold (c-)” rating in a report on Monday, May 18th. Benchmark lowered their target price on shares of Bitdeer Technologies Group from $38.00 to $27.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. UBS Group restated a “buy” rating on shares of Bitdeer Technologies Group in a report on Thursday, February 12th. Needham & Company LLC lifted their price objective on shares of Bitdeer Technologies Group from $18.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Finally, Wall Street Zen cut shares of Bitdeer Technologies Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 2nd. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.50.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of institutional investors have recently modified their holdings of BTDR. Goldman Sachs Group Inc. boosted its position in shares of Bitdeer Technologies Group by 167.6% in 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 during the period. Legal & General Group Plc boosted its position in shares of Bitdeer Technologies Group by 39.0% in the second quarter. Legal & General Group Plc now owns 73,541 shares of the company’s stock valued at $844,000 after acquiring an additional 20,640 shares during the period. New York State Common Retirement Fund bought a new stake in shares of Bitdeer Technologies Group in the second quarter valued at about $326,000. Invesco Ltd. boosted its position in shares of Bitdeer Technologies Group by 169.0% in the second quarter. Invesco Ltd. now owns 71,822 shares of the company’s stock valued at $825,000 after acquiring an additional 45,120 shares during the period. Finally, Marshall Wace LLP bought a new stake in shares of Bitdeer Technologies Group in the second quarter valued at about $1,558,000. Institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Stock Performance

The stock’s 50-day moving average price is $12.75 and its 200-day moving average price is $11.61. The company has a market cap of $4.62 billion, a P/E ratio of -5.69 and a beta of 2.45. 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 announced its earnings results on Thursday, May 14th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.21). The business had revenue of $188.93 million during the quarter, compared to the consensus estimate of $184.02 million. Bitdeer Technologies Group had a negative net margin of 68.11% and a negative return on equity of 69.95%. The company’s revenue was up 169.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.37) EPS. Equities analysts anticipate that Bitdeer Technologies Group will post -1.18 EPS for the current year.

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.