Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Up – Still a Buy?

Bitdeer Technologies Group (NASDAQ:BTDR) shares gapped up before the market opened on Thursday . The stock had previously closed at $10.60, but opened at $11.30. Bitdeer Technologies Group shares last traded at $10.88, with a volume of 814,352 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Alliance Global Partners assumed coverage on shares of Bitdeer Technologies Group in a research note on Tuesday, October 8th. They set a “buy” rating and a $14.00 target price for the company. Benchmark reiterated a “buy” rating and set a $16.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, August 13th. Northland Securities initiated coverage on Bitdeer Technologies Group in a research note on Wednesday, October 9th. They issued an “outperform” rating and a $13.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a research note on Thursday, September 26th. Finally, Northland Capmk upgraded Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Ten equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $13.70.

Bitdeer Technologies Group Stock Performance

The company has a market cap of $1.24 billion, a P/E ratio of -55.79 and a beta of 1.92. The firm’s fifty day moving average is $7.71 and its two-hundred day moving average is $7.89.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its 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). The firm had revenue of $99.23 million during the quarter, compared to the consensus estimate of $110.79 million. Bitdeer Technologies Group had a negative return on equity of 2.56% and a negative net margin of 5.69%. On average, equities research analysts expect that Bitdeer Technologies Group will post -0.47 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Bitdeer Technologies Group during the 3rd quarter valued at about $220,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Bitdeer Technologies Group during the 3rd quarter valued at about $169,000. Mirabella Financial Services LLP bought a new position in shares of Bitdeer Technologies Group during the 3rd quarter valued at about $5,872,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Bitdeer Technologies Group by 281.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 246,834 shares of the company’s stock valued at $1,933,000 after purchasing an additional 182,110 shares during the last quarter. Finally, Shariaportfolio Inc. bought a new position in shares of Bitdeer Technologies Group during the 3rd quarter valued at about $1,039,000. Institutional investors own 22.25% of the company’s stock.

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.