Bitdeer Technologies Group (NASDAQ:BTDR) Shares Up 3.6%

Bitdeer Technologies Group (NASDAQ:BTDR) shares traded up 3.6% during trading on Thursday . The stock traded as high as $9.60 and last traded at $9.58. 263,483 shares changed hands during trading, a decline of 83% from the average session volume of 1,557,793 shares. The stock had previously closed at $9.25.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Rosenblatt Securities assumed coverage on Bitdeer Technologies Group in a research note on Tuesday, April 9th. They set a “buy” rating and a $10.50 target price on the stock. Cantor Fitzgerald upgraded Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, June 12th. BTIG Research assumed coverage on Bitdeer Technologies Group in a research note on Wednesday, March 13th. They set a “buy” rating and a $15.00 target price on the stock. Benchmark reiterated a “buy” rating and set a $13.00 target price on shares of Bitdeer Technologies Group in a research note on Monday, April 15th. Finally, HC Wainwright restated a “buy” rating and issued a $20.00 price target on shares of Bitdeer Technologies Group in a research note on Tuesday, June 11th. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $13.56.

Bitdeer Technologies Group Price Performance

The company has a 50-day moving average of $7.01 and a 200 day moving average of $7.31.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its earnings results on Monday, May 13th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.07). Bitdeer Technologies Group had a negative net margin of 11.21% and a negative return on equity of 3.98%. The business had revenue of $119.51 million for the quarter, compared to analysts’ expectations of $119.12 million. As a group, analysts expect that Bitdeer Technologies Group will post -0.01 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BTDR. Nomura Holdings Inc. purchased a new position in shares of Bitdeer Technologies Group during the fourth quarter valued at approximately $15,350,000. Van ECK Associates Corp raised its stake in shares of Bitdeer Technologies Group by 196.2% during the fourth quarter. Van ECK Associates Corp now owns 1,100,178 shares of the company’s stock valued at $10,848,000 after acquiring an additional 728,804 shares in the last quarter. Vident Advisory LLC raised 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 acquiring an additional 565,362 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in shares of Bitdeer Technologies Group by 83.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 533,975 shares of the company’s stock valued at $5,265,000 after acquiring an additional 243,245 shares in the last quarter. Finally, CloudAlpha Capital Management Limited Hong Kong bought a new stake in shares of Bitdeer Technologies Group during the fourth quarter valued at approximately $1,199,000. 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.