Bitdeer Technologies Group (NASDAQ:BTDR) Trading 8.2% Higher – Still a Buy?

Bitdeer Technologies Group (NASDAQ:BTDR) shares shot up 8.2% during trading on Friday . The stock traded as high as $8.79 and last traded at $8.73. 2,115,317 shares changed hands during mid-day trading, an increase of 6% from the average session volume of 1,989,515 shares. The stock had previously closed at $8.07.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on BTDR shares. Cantor Fitzgerald restated an “overweight” rating and issued a $13.00 target price on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. HC Wainwright decreased their price target on shares of Bitdeer Technologies Group from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Alliance Global Partners assumed coverage on shares of Bitdeer Technologies Group in a research report on Tuesday, October 8th. They set a “buy” rating and a $14.00 price target for the company. Northland Securities initiated coverage on shares of Bitdeer Technologies Group in a research report on Wednesday, October 9th. They set an “outperform” rating and a $13.00 price objective on the stock. Finally, Needham & Company LLC restated a “buy” rating and set a $14.00 target price on shares of Bitdeer Technologies Group in a research note on Thursday, September 26th. Ten equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $13.70.

Bitdeer Technologies Group Stock Up 8.1 %

The stock has a 50 day simple moving average of $7.04 and a 200 day simple moving average of $7.59. The company has a market capitalization of $976.34 million, a price-to-earnings ratio of -21.15 and a beta of 1.92.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). Bitdeer Technologies Group had a negative net margin of 5.69% and a negative return on equity of 2.56%. The company had revenue of $99.23 million during the quarter, compared to analyst estimates of $110.79 million. As a group, analysts forecast that Bitdeer Technologies Group will post -0.31 EPS for the current year.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of hedge funds have recently made changes to their positions in BTDR. Van ECK Associates Corp raised its position in Bitdeer Technologies Group by 10.5% during the first quarter. Van ECK Associates Corp now owns 1,216,060 shares of the company’s stock valued at $8,537,000 after buying an additional 115,882 shares during the period. Vident Advisory LLC raised its stake in shares of Bitdeer Technologies Group by 186.4% during the 1st quarter. Vident Advisory LLC now owns 868,622 shares of the company’s stock worth $6,098,000 after purchasing an additional 565,362 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Bitdeer Technologies Group during the 1st quarter valued at about $431,000. Central Asset Investments & Management Holdings HK Ltd acquired a new position in shares of Bitdeer Technologies Group during the 2nd quarter valued at about $272,000. Finally, Thomist Capital Management LP bought a new stake in Bitdeer Technologies Group during the second quarter worth approximately $1,156,000. 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.