Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Up – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $7.53, but opened at $7.93. Bitdeer Technologies Group shares last traded at $8.25, with a volume of 1,115,993 shares traded.

Analyst Ratings Changes

Several research firms recently commented on BTDR. Needham & Company LLC reissued a “buy” rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a research note on Thursday, September 26th. Benchmark restated a “buy” rating and set a $16.00 price target on shares of Bitdeer Technologies Group in a research report on Tuesday, August 13th. Rosenblatt Securities reiterated a “buy” rating and issued a $9.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. B. Riley lowered their target price on Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Finally, Alliance Global Partners started coverage on Bitdeer Technologies Group in a report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 price target for the company. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Bitdeer Technologies Group presently has a consensus rating of “Buy” and an average target price of $13.70.

Bitdeer Technologies Group Stock Down 1.5 %

The business’s 50-day simple moving average is $7.22 and its two-hundred day simple moving average is $7.68. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -22.51 and a beta of 1.92.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.06). The company had revenue of $99.23 million during the quarter, compared to analyst estimates of $110.79 million. Bitdeer Technologies Group had a negative net margin of 5.69% and a negative return on equity of 2.56%. Sell-side analysts anticipate that Bitdeer Technologies Group will post -0.31 earnings per share for the current year.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several institutional investors have recently modified their holdings of BTDR. Shariaportfolio Inc. purchased a new position in shares of Bitdeer Technologies Group during the third quarter worth about $1,039,000. Point72 Asset Management L.P. acquired a new position in Bitdeer Technologies Group in the 2nd quarter valued at $4,617,000. Millennium Management LLC lifted its stake in shares of Bitdeer Technologies Group by 901.0% in the 2nd quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock worth $4,210,000 after acquiring an additional 369,363 shares during the period. Point72 Hong Kong Ltd purchased a new stake in shares of Bitdeer Technologies Group in the second quarter valued at about $4,510,000. Finally, Marshall Wace LLP acquired a new position in shares of Bitdeer Technologies Group during the second quarter worth about $5,074,000. 22.25% of the stock is owned by hedge funds and other institutional investors.

Bitdeer Technologies Group Company Profile

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.