Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Up to $7.61

Bitdeer Technologies Group (NASDAQ:BTDR) gapped up prior to trading on Tuesday . The stock had previously closed at $7.61, but opened at $7.87. Bitdeer Technologies Group shares last traded at $7.78, with a volume of 162,872 shares.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BTDR shares. Cantor Fitzgerald upgraded Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, June 12th. Needham & Company LLC restated a “buy” rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday. Roth Mkm reiterated a “buy” rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a report on Monday, July 1st. HC Wainwright decreased their price objective on shares of Bitdeer Technologies Group from $20.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Benchmark reissued a “buy” rating and issued a $16.00 target price on shares of Bitdeer Technologies Group in a research report on Tuesday. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $14.19.

Bitdeer Technologies Group Stock Performance

The business’s fifty day moving average price is $9.52 and its 200-day moving average price is $7.71. The stock has a market cap of $909.16 million, a PE ratio of -19.05 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.07). The company had revenue of $119.51 million during the quarter, compared to analysts’ expectations of $119.12 million. Bitdeer Technologies Group had a negative return on equity of 3.98% and a negative net margin of 11.21%. Analysts forecast that Bitdeer Technologies Group will post 0.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of institutional investors and hedge funds have recently modified their holdings of BTDR. Vontobel Holding Ltd. bought a new position in Bitdeer Technologies Group in the fourth quarter worth approximately $240,000. Central Asset Investments & Management Holdings HK Ltd bought a new stake in Bitdeer Technologies Group during the second quarter valued at about $272,000. XTX Topco Ltd purchased a new stake in Bitdeer Technologies Group in the second quarter worth about $276,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Bitdeer Technologies Group by 149.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 38,901 shares of the company’s stock worth $384,000 after buying an additional 23,310 shares during the period. Finally, Virtu Financial LLC bought a new position in shares of Bitdeer Technologies Group in the first quarter worth about $431,000. 22.25% of the stock is currently 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.