Bitdeer Technologies Group (NASDAQ:BTDR) Shares Up 8.7% – Time to Buy?

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price rose 8.7% during trading on Thursday . The company traded as high as $16.79 and last traded at $16.8890. Approximately 5,963,409 shares changed hands during trading, a decline of 24% from the average daily volume of 7,812,700 shares. The stock had previously closed at $15.54.

Wall Street Analysts Forecast Growth

BTDR has been the subject of a number of research analyst reports. Cantor Fitzgerald lifted their price target on Bitdeer Technologies Group from $11.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, May 15th. UBS Group restated a “buy” rating on shares of Bitdeer Technologies Group in a report on Thursday, February 12th. B. Riley Financial boosted their price objective on Bitdeer Technologies Group from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Rosenblatt Securities boosted their price objective on Bitdeer Technologies Group from $18.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Finally, Needham & Company LLC boosted their price objective on Bitdeer Technologies Group from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Nine equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Bitdeer Technologies Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.50.

Bitdeer Technologies Group Trading Up 12.5%

The company has a market cap of $4.12 billion, a P/E ratio of -5.07 and a beta of 2.32. The business has a fifty day moving average price of $11.53 and a 200-day moving average price of $11.45. The company has a quick ratio of 1.11, a current ratio of 1.85 and a debt-to-equity ratio of 1.88.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.21). Bitdeer Technologies Group had a negative return on equity of 69.95% and a negative net margin of 68.11%.The firm had revenue of $188.93 million for the quarter, compared to the consensus estimate of $184.02 million. During the same quarter in the prior year, the firm earned ($0.37) EPS. The company’s revenue was up 169.5% on a year-over-year basis. On average, analysts forecast that Bitdeer Technologies Group will post -1.06 earnings per share for the current year.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Fund Resources Investment Holding Group Co Ltd raised its position in shares of Bitdeer Technologies Group by 3.0% in the first quarter. Fund Resources Investment Holding Group Co Ltd now owns 9,440,418 shares of the company’s stock valued at $81,660,000 after buying an additional 276,098 shares in the last quarter. Bank of America Corp DE raised its position in shares of Bitdeer Technologies Group by 67.5% in the second quarter. Bank of America Corp DE now owns 6,337,339 shares of the company’s stock valued at $72,753,000 after buying an additional 2,553,093 shares in the last quarter. Situational Awareness LP raised its position in shares of Bitdeer Technologies Group by 92.4% in the first quarter. Situational Awareness LP now owns 3,439,450 shares of the company’s stock valued at $29,751,000 after buying an additional 1,651,450 shares in the last quarter. Value Aligned Research Advisors LLC raised its position in shares of Bitdeer Technologies Group by 137.0% in the fourth quarter. Value Aligned Research Advisors LLC now owns 3,267,614 shares of the company’s stock valued at $36,630,000 after buying an additional 1,888,825 shares in the last quarter. Finally, State Street Corp raised its position in shares of Bitdeer Technologies Group by 34.1% in the fourth quarter. State Street Corp now owns 3,144,782 shares of the company’s stock valued at $35,253,000 after buying an additional 800,003 shares in the last quarter. 22.25% of the stock is currently owned by institutional investors and hedge funds.

About Bitdeer Technologies Group

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.