Bitdeer Technologies Group (NASDAQ:BTDR) Price Target Lowered to $29.00 at B. Riley

Bitdeer Technologies Group (NASDAQ:BTDR) had its target price lowered by research analysts at B. Riley from $32.00 to $29.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley’s price target would suggest a potential upside of 95.02% from the company’s previous close.

Several other brokerages also recently issued reports on BTDR. Roth Capital reiterated a “buy” rating and issued a $40.00 target price on shares of Bitdeer Technologies Group in a research note on Wednesday, October 15th. Needham & Company LLC raised their price objective on Bitdeer Technologies Group from $17.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Jones Trading started coverage on Bitdeer Technologies Group in a report on Monday, October 6th. They set a “buy” rating and a $32.00 target price on the stock. Cantor Fitzgerald raised their price target on Bitdeer Technologies Group from $30.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Finally, HC Wainwright reduced their price objective on shares of Bitdeer Technologies Group from $32.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday. Twelve investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $30.33.

Bitdeer Technologies Group Stock Down 1.0%

Shares of BTDR traded down $0.15 during mid-day trading on Wednesday, hitting $14.87. 700,907 shares of the company’s stock were exchanged, compared to its average volume of 5,718,932. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.03 and a quick ratio of 0.84. Bitdeer Technologies Group has a 52 week low of $6.84 and a 52 week high of $27.80. The company has a market cap of $3.15 billion, a PE ratio of -2.65 and a beta of 2.28. The company has a 50-day simple moving average of $19.10 and a 200 day simple moving average of $15.22.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its quarterly earnings results on Monday, November 10th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($1.06). The business had revenue of $169.71 million during the quarter, compared to analyst estimates of $151.80 million. Bitdeer Technologies Group had a negative net margin of 115.59% and a negative return on equity of 90.58%. The firm’s quarterly revenue was up 173.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.35) earnings per share. On average, research analysts forecast that Bitdeer Technologies Group will post -0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. lifted its position in Bitdeer Technologies Group by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 2,570 shares of the company’s stock worth $30,000 after purchasing an additional 1,044 shares during the period. Amalgamated Bank bought a new position in Bitdeer Technologies Group in the second quarter valued at approximately $35,000. Caitong International Asset Management Co. Ltd bought a new position in Bitdeer Technologies Group in the first quarter valued at approximately $55,000. Tower Research Capital LLC TRC raised its position in Bitdeer Technologies Group by 7,157.0% during the second quarter. Tower Research Capital LLC TRC now owns 7,257 shares of the company’s stock valued at $83,000 after purchasing an additional 7,157 shares in the last quarter. Finally, Ameritas Investment Partners Inc. bought a new stake in Bitdeer Technologies Group during the second quarter worth $105,000. 22.25% of the stock is owned by institutional investors and hedge funds.

Bitdeer Technologies Group Company Profile

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.