Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Up to $7.12

Bitdeer Technologies Group (NASDAQ:BTDR) gapped up prior to trading on Thursday . The stock had previously closed at $7.12, but opened at $7.54. Bitdeer Technologies Group shares last traded at $7.40, with a volume of 237,280 shares.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Benchmark restated a “buy” rating and set a $16.00 price target on shares of Bitdeer Technologies Group in a report on Tuesday, August 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $13.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday, September 3rd. Roth Mkm reissued a “buy” rating and issued a $14.00 target price on shares of Bitdeer Technologies Group in a report on Monday, July 1st. Rosenblatt Securities reiterated a “buy” rating and set a $9.00 price target on shares of Bitdeer Technologies Group in a report on Wednesday, August 14th. Finally, HC Wainwright decreased their price target on 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. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $14.00.

Bitdeer Technologies Group Stock Performance

The company has a fifty day simple moving average of $7.81 and a two-hundred day simple moving average of $7.53. The firm has a market capitalization of $798.32 million, a PE ratio of -17.39 and a beta of 1.90.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). The company had revenue of $99.23 million during 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%. On average, equities analysts anticipate that Bitdeer Technologies Group will post -0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several hedge funds have recently made changes to their positions in BTDR. Nomura Holdings Inc. purchased a new stake in Bitdeer Technologies Group during the fourth quarter worth $15,350,000. Vident Advisory LLC raised its stake in Bitdeer Technologies Group by 186.4% in the 1st 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 last quarter. D1 Capital Partners L.P. acquired a new stake in shares of Bitdeer Technologies Group in the second quarter valued at about $5,386,000. Marshall Wace LLP purchased a new position in shares of Bitdeer Technologies Group in the second quarter worth about $5,074,000. Finally, Point72 Asset Management L.P. acquired a new position in Bitdeer Technologies Group during the second quarter worth about $4,617,000. 22.25% of the stock is owned by institutional investors and hedge funds.

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.