Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Up 13.4% – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR) shares rose 13.4% during mid-day trading on Wednesday . The company traded as high as $12.58 and last traded at $12.44. Approximately 1,782,839 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 2,132,680 shares. The stock had previously closed at $10.97.

Analysts Set New Price Targets

BTDR has been the topic of a number of recent research reports. Rosenblatt Securities reiterated a “buy” rating and issued a $9.00 target price on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. B. Riley lowered their target price on Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. HC Wainwright decreased their price objective on Bitdeer Technologies Group from $20.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Benchmark reissued a “buy” rating and issued a $16.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday, August 13th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $13.00 target price on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $13.70.

Bitdeer Technologies Group Stock Performance

The stock has a 50-day moving average of $7.71 and a two-hundred day moving average of $7.89. The company has a market cap of $1.20 billion, a P/E ratio of -58.37 and a beta of 1.92.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). The company had revenue of $99.23 million for the quarter, compared to analysts’ expectations of $110.79 million. Bitdeer Technologies Group had a negative net margin of 5.69% and a negative return on equity of 2.56%. As a group, sell-side analysts forecast that Bitdeer Technologies Group will post -0.47 EPS for the current fiscal year.

Institutional Trading of Bitdeer Technologies Group

A number of institutional investors have recently made changes to their positions in BTDR. Mirabella Financial Services LLP purchased a new stake in shares of Bitdeer Technologies Group during the third quarter valued at approximately $5,872,000. Vident Advisory LLC boosted its stake in shares of Bitdeer Technologies Group by 186.4% during the first quarter. Vident Advisory LLC now owns 868,622 shares of the company’s stock valued at $6,098,000 after purchasing an additional 565,362 shares during the period. D1 Capital Partners L.P. purchased a new stake in shares of Bitdeer Technologies Group during the second quarter valued at approximately $5,386,000. Marshall Wace LLP purchased a new stake in shares of Bitdeer Technologies Group during the second quarter valued at approximately $5,074,000. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Bitdeer Technologies Group during the second quarter valued at approximately $4,617,000. Hedge funds and other 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.