Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Up Following Analyst Upgrade

Bitdeer Technologies Group (NASDAQ:BTDR) gapped up prior to trading on Tuesday after Cantor Fitzgerald upgraded the stock from a neutral rating to an overweight rating. The stock had previously closed at $11.37, but opened at $12.79. Cantor Fitzgerald now has a $18.00 price target on the stock, up from their previous price target of $15.00. Bitdeer Technologies Group shares last traded at $12.2150, with a volume of 7,140,133 shares.

A number of other research firms have also recently commented on BTDR. Weiss Ratings raised shares of Bitdeer Technologies Group from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Monday, May 18th. Keefe, Bruyette & Woods dropped their price target on shares of Bitdeer Technologies Group from $17.00 to $14.00 and set a “market perform” rating on the stock in a research note on Tuesday, July 28th. Rosenblatt Securities boosted their price objective on shares of Bitdeer Technologies Group from $18.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Wall Street Zen cut shares of Bitdeer Technologies Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 2nd. Finally, Citizens Jmp initiated coverage on Bitdeer Technologies Group in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $35.00 target price for the company. Eleven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Bitdeer Technologies Group presently has a consensus rating of “Moderate Buy” and an average target price of $26.00.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in BTDR. Empowered Funds LLC bought a new position in shares of Bitdeer Technologies Group during the fourth quarter worth about $34,000. GAMMA Investing LLC raised its stake in Bitdeer Technologies Group by 57.3% during the second quarter. GAMMA Investing LLC now owns 2,476 shares of the company’s stock valued at $39,000 after buying an additional 902 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in Bitdeer Technologies Group during the fourth quarter valued at approximately $39,000. Hollencrest Capital Management bought a new position in Bitdeer Technologies Group during the 1st quarter worth approximately $43,000. Finally, FNY Investment Advisers LLC bought a new position in Bitdeer Technologies Group during the 2nd quarter worth approximately $66,000. 22.25% of the stock is currently owned by institutional investors.

Bitdeer Technologies Group Trading Down 2.8%

The company has a market cap of $2.61 billion, a price-to-earnings ratio of -3.21 and a beta of 2.50. The firm has a 50-day moving average price of $14.81 and a 200 day moving average price of $12.43. The company has a current ratio of 1.85, a quick ratio of 1.11 and a debt-to-equity ratio of 1.88.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.21). Bitdeer Technologies Group had a negative net margin of 68.11% and a negative return on equity of 69.95%. The firm had revenue of $188.93 million for the quarter, compared to analyst estimates of $184.02 million. During the same period in the prior year, the company posted ($0.37) earnings per share. The business’s revenue was up 169.5% on a year-over-year basis. As a group, sell-side analysts forecast that Bitdeer Technologies Group will post -1.54 EPS for the current year.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group Inc (NASDAQ:BTDR) is a global digital asset mining and computing services provider focused on delivering secure and efficient hashrate solutions to institutional and retail customers. The company leverages its proprietary mining platform to offer hosted mining, hashrate sales and management services, enabling clients to access large-scale mining operations without direct investment in hardware or infrastructure.

Bitdeer’s core offerings include mining hosting services, whereby the firm installs, operates and maintains specialized mining equipment on behalf of customers, and hashrate-as-a-service products that provide fixed-capacity mining power with transparent pricing structures.