Bitdeer Technologies Group (NASDAQ:BTDR) Stock Rating Reaffirmed by Needham & Company LLC

Bitdeer Technologies Group (NASDAQ:BTDR)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a report issued on Thursday, Benzinga reports. They presently have a $14.00 price objective on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 65.88% from the stock’s current price.

BTDR has been the subject of several other research reports. Benchmark restated a “buy” rating and set a $16.00 price target on shares of Bitdeer Technologies Group in a report on Tuesday, August 13th. HC Wainwright dropped 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 report on Tuesday, August 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $13.00 price target on shares of Bitdeer Technologies Group in a report on Tuesday, September 3rd. B. Riley boosted their price objective on Bitdeer Technologies Group from $9.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $9.00 target price on shares of Bitdeer Technologies Group in a research note on Wednesday, August 14th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Bitdeer Technologies Group presently has an average rating of “Buy” and a consensus target price of $14.00.

Bitdeer Technologies Group Stock Performance

Shares of NASDAQ:BTDR opened at $8.44 on Thursday. The firm has a market cap of $945.03 million, a PE ratio of -20.58 and a beta of 1.90. Bitdeer Technologies Group has a 52 week low of $2.77 and a 52 week high of $14.27. The firm’s fifty day moving average is $7.51 and its 200-day moving average is $7.57.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $99.23 million during the quarter, compared to the consensus estimate of $110.79 million. Sell-side analysts forecast that Bitdeer Technologies Group will post -0.17 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. bought a new stake in shares of Bitdeer Technologies Group during the second quarter valued at approximately $4,617,000. Millennium Management LLC increased its stake in Bitdeer Technologies Group by 901.0% during the 2nd quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock valued at $4,210,000 after purchasing an additional 369,363 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in Bitdeer Technologies Group during the second quarter worth $4,510,000. Marshall Wace LLP bought a new position in shares of Bitdeer Technologies Group in the second quarter valued at $5,074,000. Finally, D1 Capital Partners L.P. acquired a new position in shares of Bitdeer Technologies Group during the second quarter valued at about $5,386,000. Institutional investors own 22.25% of the company’s stock.

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.