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

Bitdeer Technologies Group (NASDAQ:BTDR) gapped up before the market opened on Wednesday . The stock had previously closed at $7.81, but opened at $8.97. Bitdeer Technologies Group shares last traded at $8.84, with a volume of 926,986 shares changing hands.

Analysts Set New Price Targets

Several analysts have issued reports on BTDR shares. Northland Securities assumed coverage on Bitdeer Technologies Group in a report on Wednesday, October 9th. They set an “outperform” rating and a $13.00 price target for the company. Benchmark reiterated a “buy” rating and set a $16.00 price objective on shares of Bitdeer Technologies Group in a research note on Tuesday, August 13th. HC Wainwright decreased their target price on shares of Bitdeer Technologies Group from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. B. Riley dropped their price target on shares of Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Finally, Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Ten equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $13.70.

Bitdeer Technologies Group Stock Up 9.0 %

The firm’s fifty day moving average price is $7.29 and its 200 day moving average price is $7.76. The stock has a market cap of $952.86 million, a PE ratio of -44.79 and a beta of 1.92.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its quarterly 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). Bitdeer Technologies Group had a negative net margin of 5.69% and a negative return on equity of 2.56%. The firm had revenue of $99.23 million for the quarter, compared to analysts’ expectations of $110.79 million. As a group, analysts anticipate that Bitdeer Technologies Group will post -0.47 earnings per share for the current fiscal year.

Institutional Trading of Bitdeer Technologies Group

Several hedge funds have recently made changes to their positions in the business. Vident Advisory LLC grew its position in Bitdeer Technologies Group by 186.4% in the first quarter. Vident Advisory LLC now owns 868,622 shares of the company’s stock worth $6,098,000 after acquiring an additional 565,362 shares in the last quarter. D1 Capital Partners L.P. bought a new stake in shares of Bitdeer Technologies Group in the 2nd quarter valued at approximately $5,386,000. Marshall Wace LLP bought a new stake in shares of Bitdeer Technologies Group in the 2nd quarter valued at approximately $5,074,000. Point72 Asset Management L.P. purchased a new position in shares of Bitdeer Technologies Group in the 2nd quarter worth approximately $4,617,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of Bitdeer Technologies Group during the 2nd quarter valued at approximately $4,510,000. 22.25% of the stock is currently owned by hedge funds and other 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.