Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Up 6.5% – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price was up 6.5% during trading on Wednesday . The stock traded as high as $19.95 and last traded at $19.9770. Approximately 6,726,033 shares traded hands during mid-day trading, a decline of 17% from the average daily volume of 8,068,738 shares. The stock had previously closed at $18.76.

Wall Street Analysts Forecast Growth

BTDR has been the subject of several recent research reports. Cantor Fitzgerald increased their price target on Bitdeer Technologies Group from $11.00 to $15.00 and gave the company a “neutral” rating in a research note on Friday, May 15th. HC Wainwright reduced their price objective on Bitdeer Technologies Group from $30.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. Rosenblatt Securities raised their price objective on Bitdeer Technologies Group from $18.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Wall Street Zen lowered Bitdeer Technologies Group from a “sell” rating to a “strong sell” rating in a report on Saturday, May 2nd. Finally, Needham & Company LLC raised their target price on Bitdeer Technologies Group from $18.00 to $19.00 and gave the company a “buy” rating in a report on Friday, May 15th. Nine 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.50.

Bitdeer Technologies Group Stock Performance

The firm has a market capitalization of $4.73 billion, a PE ratio of -5.81 and a beta of 2.45. The company has a debt-to-equity ratio of 1.88, a current ratio of 1.85 and a quick ratio of 1.11. The company’s fifty day simple moving average is $12.09 and its 200 day simple moving average is $11.45.

Bitdeer Technologies Group (NASDAQ:BTDR) last released 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 net margin of 68.11% and a negative return on equity of 69.95%. The company had revenue of $188.93 million for the quarter, compared to the consensus estimate of $184.02 million. During the same quarter in the previous year, the firm posted ($0.37) earnings per share. The business’s revenue for the quarter was up 169.5% compared to the same quarter last year. As a group, equities research analysts expect that Bitdeer Technologies Group will post -1.06 EPS for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BTDR. Empowered Funds LLC purchased a new position in Bitdeer Technologies Group during the fourth quarter worth about $34,000. Kestra Advisory Services LLC purchased a new position in shares of Bitdeer Technologies Group in the 4th quarter worth about $39,000. Hollencrest Capital Management purchased a new stake in Bitdeer Technologies Group during the 1st quarter valued at about $43,000. Leonteq Securities AG purchased a new stake in Bitdeer Technologies Group during the 1st quarter valued at about $72,000. Finally, Royal Bank of Canada boosted its holdings in Bitdeer Technologies Group by 80.2% during the 1st quarter. Royal Bank of Canada now owns 9,548 shares of the company’s stock valued at $83,000 after acquiring an additional 4,250 shares during the period. 22.25% of the stock is currently owned by hedge funds and other institutional investors.

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.