Bitdeer Technologies Group (NASDAQ:BTDR) Trading 12% Higher – Here’s Why

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) shot up 12% during mid-day trading on Tuesday . The company traded as high as $8.88 and last traded at $8.8260. 3,005,916 shares traded hands during trading, a decline of 62% from the average session volume of 7,959,883 shares. The stock had previously closed at $7.88.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Zacks Research cut Bitdeer Technologies Group from a “hold” rating to a “strong sell” rating in a report on Monday, March 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitdeer Technologies Group in a research report on Wednesday, January 21st. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $14.00 target price (down from $26.50) on shares of Bitdeer Technologies Group in a report on Tuesday, January 27th. Benchmark dropped their price target on Bitdeer Technologies Group from $38.00 to $27.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Finally, Cantor Fitzgerald decreased their price objective on shares of Bitdeer Technologies Group to $34.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 16th. Ten investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $26.60.

Bitdeer Technologies Group Stock Performance

The stock has a market cap of $1.84 billion, a price-to-earnings ratio of -2.78 and a beta of 2.40. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.91 and a quick ratio of 0.75. The stock’s 50-day moving average is $10.02 and its 200-day moving average is $13.68.

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

Institutional Trading of Bitdeer Technologies Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Fund Resources Investment Holding Group Co Ltd acquired a new stake in Bitdeer Technologies Group in the 4th quarter valued at $102,732,000. Bank of America Corp DE lifted its holdings in Bitdeer Technologies Group by 67.5% during the 2nd quarter. Bank of America Corp DE now owns 6,337,339 shares of the company’s stock worth $72,753,000 after buying an additional 2,553,093 shares during the last quarter. Value Aligned Research Advisors LLC boosted its holdings in Bitdeer Technologies Group by 137.0% in the fourth quarter. Value Aligned Research Advisors LLC now owns 3,267,614 shares of the company’s stock worth $36,630,000 after purchasing an additional 1,888,825 shares during the period. State Street Corp grew its position in shares of Bitdeer Technologies Group by 34.1% during the 4th quarter. State Street Corp now owns 3,144,782 shares of the company’s stock valued at $35,253,000 after buying an additional 800,003 shares during the last quarter. Finally, UBS Group AG raised its position in shares of Bitdeer Technologies Group by 2.4% during the 4th quarter. UBS Group AG now owns 2,246,381 shares of the company’s stock worth $25,182,000 after purchasing an additional 52,808 shares during the period. Institutional investors and hedge funds own 22.25% of the company’s stock.

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.