Bitdeer Technologies Group (NASDAQ:BTDR) Shares Up 2.9% – Still a Buy?

Bitdeer Technologies Group (NASDAQ:BTDR) shot up 2.9% during mid-day trading on Monday . The company traded as high as $11.39 and last traded at $11.05. 717,818 shares traded hands during trading, a decline of 88% from the average session volume of 6,001,909 shares. The stock had previously closed at $10.74.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Cantor Fitzgerald decreased their price objective on Bitdeer Technologies Group to $34.00 and set an “overweight” rating on the stock in a report on Tuesday, December 16th. Jones Trading started coverage on Bitdeer Technologies Group in a research note on Monday, October 6th. They issued a “buy” rating and a $32.00 price target on the stock. Needham & Company LLC increased their price target on Bitdeer Technologies Group from $17.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Bitdeer Technologies Group in a report on Wednesday, October 8th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $25.00 target price on shares of Bitdeer Technologies Group in a research report on Wednesday, November 26th. Twelve equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $29.00.

Bitdeer Technologies Group Price Performance

The company’s 50-day simple moving average is $15.02 and its 200 day simple moving average is $14.80. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.90. The company has a market cap of $2.33 billion, a PE ratio of -1.95 and a beta of 2.32.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its quarterly earnings data on Monday, November 10th. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $169.71 million for the quarter, compared to analyst estimates of $151.80 million. During the same period in the prior year, the firm posted ($0.35) earnings per share. The business’s quarterly revenue was up 173.7% compared to the same quarter last year. On average, sell-side analysts predict that Bitdeer Technologies Group will post -0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Institutional investors and hedge funds have recently modified their holdings of the company. Advisors Asset Management Inc. increased its holdings in Bitdeer Technologies Group by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 2,570 shares of the company’s stock valued at $30,000 after buying an additional 1,044 shares during the last quarter. Amalgamated Bank acquired a new position in shares of Bitdeer Technologies Group during the 2nd quarter worth about $35,000. Tower Research Capital LLC TRC increased its holdings in shares of Bitdeer Technologies Group by 7,157.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 7,257 shares of the company’s stock valued at $83,000 after acquiring an additional 7,157 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new stake in shares of Bitdeer Technologies Group during the 2nd quarter worth about $105,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Bitdeer Technologies Group during the 2nd quarter worth about $129,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group Inc (NASDAQ:BTDR) is a global digital asset mining and computing services provider focused on delivering secure and efficient hashrate solutions to institutional and retail customers. The company leverages its proprietary mining platform to offer hosted mining, hashrate sales and management services, enabling clients to access large-scale mining operations without direct investment in hardware or infrastructure.

Bitdeer’s core offerings include mining hosting services, whereby the firm installs, operates and maintains specialized mining equipment on behalf of customers, and hashrate-as-a-service products that provide fixed-capacity mining power with transparent pricing structures.