Bitdeer Technologies Group (NASDAQ:BTDR) Price Target Raised to $30.00

Bitdeer Technologies Group (NASDAQ:BTDR) had its price target lifted by Rosenblatt Securities from $20.00 to $30.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts also recently issued reports on the company. B. Riley reiterated a “buy” rating on shares of Bitdeer Technologies Group in a report on Friday, August 15th. HC Wainwright upped their target price on shares of Bitdeer Technologies Group from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Monday, August 18th. Cantor Fitzgerald increased their target price on shares of Bitdeer Technologies Group from $30.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Needham & Company LLC boosted their price target on shares of Bitdeer Technologies Group from $17.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Finally, Jones Trading started coverage on shares of Bitdeer Technologies Group in a research report on Monday, October 6th. They issued a “buy” rating and a $32.00 price objective for the company. Twelve equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $30.33.

Bitdeer Technologies Group Stock Performance

NASDAQ BTDR opened at $11.11 on Tuesday. The company has a market cap of $2.35 billion, a P/E ratio of -1.97 and a beta of 2.28. The company has a fifty day simple moving average of $19.10 and a 200 day simple moving average of $15.18. The company has a current ratio of 0.90, a quick ratio of 0.84 and a debt-to-equity ratio of 0.46. Bitdeer Technologies Group has a 12-month low of $6.84 and a 12-month high of $27.80.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its earnings results on Monday, November 10th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.22) by ($1.06). Bitdeer Technologies Group had a negative return on equity of 91.31% and a negative net margin of 115.59%.The business had revenue of $169.71 million for the quarter, compared to the consensus estimate of $151.80 million. During the same period in the previous year, the firm earned ($0.35) earnings per share. The company’s revenue was up 173.7% on a year-over-year basis. Sell-side analysts predict that Bitdeer Technologies Group will post -0.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BTDR. Teacher Retirement System of Texas boosted its position in Bitdeer Technologies Group by 241.0% during the first quarter. Teacher Retirement System of Texas now owns 52,097 shares of the company’s stock worth $460,000 after purchasing an additional 36,819 shares during the period. SBI Securities Co. Ltd. boosted its holdings in Bitdeer Technologies Group by 507.1% in the 1st quarter. SBI Securities Co. Ltd. now owns 22,002 shares of the company’s stock worth $194,000 after buying an additional 18,378 shares during the period. Victory Capital Management Inc. purchased a new position in Bitdeer Technologies Group in the 1st quarter valued at approximately $2,491,000. KLP Kapitalforvaltning AS raised its holdings in Bitdeer Technologies Group by 111.4% during the 1st quarter. KLP Kapitalforvaltning AS now owns 16,700 shares of the company’s stock valued at $147,000 after acquiring an additional 8,800 shares during the period. Finally, 1492 Capital Management LLC lifted its position in shares of Bitdeer Technologies Group by 82.7% during the first quarter. 1492 Capital Management LLC now owns 57,539 shares of the company’s stock worth $508,000 after acquiring an additional 26,042 shares in the last quarter. 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.