Bitdeer Technologies Group (NASDAQ:BTDR) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) have received an average rating of “Buy” from the eight brokerages that are covering the firm, Marketbeat Ratings reports. Seven research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $14.56.

Several brokerages have recently commented on BTDR. B. Riley boosted their target price on shares of Bitdeer Technologies Group from $9.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Needham & Company LLC reiterated a “buy” rating and set a $14.00 price target on shares of Bitdeer Technologies Group in a research report on Wednesday, May 15th. Roth Mkm reiterated a “buy” rating and set a $14.00 price target on shares of Bitdeer Technologies Group in a research report on Monday, July 1st. Rosenblatt Securities began coverage on shares of Bitdeer Technologies Group in a research report on Tuesday, April 9th. They set a “buy” rating and a $10.50 price target on the stock. Finally, Cantor Fitzgerald upgraded shares of Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, June 12th.

Bitdeer Technologies Group Price Performance

Shares of Bitdeer Technologies Group stock opened at $11.80 on Thursday. Bitdeer Technologies Group has a 52-week low of $2.77 and a 52-week high of $14.65. The company’s fifty day moving average price is $8.67 and its two-hundred day moving average price is $7.52. The firm has a market capitalization of $1.32 billion, a PE ratio of -28.78 and a beta of 1.96.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its earnings results on Monday, May 13th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.07). Bitdeer Technologies Group had a negative net margin of 11.21% and a negative return on equity of 3.98%. The firm had revenue of $119.51 million during the quarter, compared to analyst estimates of $119.12 million. Analysts predict that Bitdeer Technologies Group will post 0.07 earnings per share for the current fiscal year.

Institutional Trading of Bitdeer Technologies Group

A number of large investors have recently bought and sold shares of the business. Nomura Holdings Inc. bought a new stake in Bitdeer Technologies Group during the 4th quarter worth approximately $15,350,000. Van ECK Associates Corp increased its stake in Bitdeer Technologies Group by 10.5% during the 1st quarter. Van ECK Associates Corp now owns 1,216,060 shares of the company’s stock worth $8,537,000 after purchasing an additional 115,882 shares in the last quarter. Vident Advisory LLC increased its stake in Bitdeer Technologies Group by 186.4% during the 1st quarter. Vident Advisory LLC now owns 868,622 shares of the company’s stock worth $6,098,000 after purchasing an additional 565,362 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong bought a new stake in Bitdeer Technologies Group during the 4th quarter worth approximately $1,199,000. Finally, Virtu Financial LLC bought a new stake in Bitdeer Technologies Group during the 1st quarter worth approximately $431,000. 22.25% of the stock is owned by 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.