Bitdeer Technologies Group (NASDAQ:BTDR) Trading 2.9% Higher – Still a Buy?

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) were up 2.9% on Monday . The stock traded as high as $11.39 and last traded at $11.05. Approximately 717,818 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 6,001,909 shares. The stock had previously closed at $10.74.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on BTDR shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitdeer Technologies Group in a research report on Wednesday, October 8th. BTIG Research reaffirmed a “buy” rating and set a $25.00 price target on shares of Bitdeer Technologies Group in a research note on Wednesday, November 26th. Rosenblatt Securities increased their price objective on shares of Bitdeer Technologies Group from $20.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, November 11th. Jones Trading initiated coverage on shares of Bitdeer Technologies Group in a research note on Monday, October 6th. They issued a “buy” rating and a $32.00 price objective for the company. Finally, Roth Capital restated a “buy” rating and set a $40.00 target price on shares of Bitdeer Technologies Group in a research report on Wednesday, October 15th. Twelve analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.00.

Bitdeer Technologies Group Price Performance

The firm has a market cap of $2.30 billion, a P/E ratio of -1.93 and a beta of 2.31. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.90 and a quick ratio of 0.74. The stock’s 50-day simple moving average is $14.47 and its two-hundred day simple moving average is $14.77.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its quarterly earnings results on Monday, November 10th. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($1.06). The firm had revenue of $169.71 million for the quarter, compared to analysts’ expectations of $151.80 million. Bitdeer Technologies Group had a negative return on equity of 91.31% and a negative net margin of 115.59%.Bitdeer Technologies Group’s revenue for the quarter was up 173.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.35) earnings per share. Equities research analysts forecast that Bitdeer Technologies Group will post -0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of large investors have recently bought and sold shares of BTDR. Goldman Sachs Group Inc. lifted its position in shares of Bitdeer Technologies Group by 167.6% during the first quarter. Goldman Sachs Group Inc. now owns 483,022 shares of the company’s stock valued at $4,265,000 after buying an additional 302,548 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Bitdeer Technologies Group by 197.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,592,504 shares of the company’s stock worth $18,280,000 after acquiring an additional 1,057,552 shares in the last quarter. Harvest Portfolios Group Inc. lifted its position in Bitdeer Technologies Group by 76.3% during the second quarter. Harvest Portfolios Group Inc. now owns 64,469 shares of the company’s stock valued at $740,000 after acquiring an additional 27,891 shares during the last quarter. Highbridge Capital Management LLC purchased a new stake in Bitdeer Technologies Group during the second quarter valued at approximately $3,255,000. Finally, Intech Investment Management LLC acquired a new stake in Bitdeer Technologies Group in the second quarter valued at approximately $501,000. Hedge funds and other institutional investors own 22.25% of the company’s stock.

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.