Bitdeer Technologies Group (NASDAQ:BTDR) Trading Up 6.2% – Time to Buy?

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price was up 6.2% during mid-day trading on Friday . The company traded as high as $7.41 and last traded at $7.38. Approximately 604,894 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 1,994,868 shares. The stock had previously closed at $6.95.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BTDR shares. Benchmark reissued a “buy” rating and issued a $16.00 price target on shares of Bitdeer Technologies Group in a report on Tuesday, August 13th. B. Riley increased their price target on shares of Bitdeer Technologies Group from $9.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Rosenblatt Securities reissued a “buy” rating and issued a $9.00 price target on shares of Bitdeer Technologies Group in a report on Wednesday, August 14th. Needham & Company LLC reissued a “buy” rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a report on Thursday, September 26th. Finally, Roth Mkm reissued a “buy” rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a report on Monday, July 1st. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Bitdeer Technologies Group currently has a consensus rating of “Buy” and a consensus target price of $14.00.

Bitdeer Technologies Group Price Performance

The business’s 50 day moving average is $7.24 and its two-hundred day moving average is $7.57. The firm has a market capitalization of $815.11 million, a PE ratio of -17.98 and a beta of 1.92.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its quarterly 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 business had revenue of $99.23 million for the quarter, compared to the consensus estimate of $110.79 million. Analysts expect that Bitdeer Technologies Group will post -0.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Nomura Holdings Inc. bought a new position in Bitdeer Technologies Group during the fourth quarter valued at approximately $15,350,000. Van ECK Associates Corp grew 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 acquiring an additional 115,882 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in Bitdeer Technologies Group during the second quarter valued at approximately $4,510,000. Thomist Capital Management LP bought a new position in Bitdeer Technologies Group during the second quarter valued at approximately $1,156,000. Finally, Point72 Asset Management L.P. bought a new position in shares of Bitdeer Technologies Group in the second quarter worth approximately $4,617,000. 22.25% of the stock is currently owned by institutional investors.

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.