Bitdeer Technologies Group (NASDAQ:BTDR) Trading Up 6.5% Following Analyst Upgrade

Bitdeer Technologies Group (NASDAQ:BTDR) shares rose 6.5% during trading on Wednesday after Zacks Research upgraded the stock from a strong sell rating to a hold rating. The stock traded as high as $19.95 and last traded at $19.9770. Approximately 6,726,033 shares traded hands during mid-day trading, a decline of 17% from the average daily volume of 8,068,738 shares. The stock had previously closed at $18.76.

Several other brokerages have also commented on BTDR. Wall Street Zen lowered shares of Bitdeer Technologies Group from a “sell” rating to a “strong sell” rating in a report on Saturday, May 2nd. B. Riley Financial increased their price objective on shares of Bitdeer Technologies Group from $22.00 to $23.00 and gave the company a “buy” rating in a report on Friday, May 15th. Rosenblatt Securities lifted their target price on shares of Bitdeer Technologies Group from $18.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Needham & Company LLC boosted their target price on shares of Bitdeer Technologies Group from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Finally, HC Wainwright reduced their price target on shares of Bitdeer Technologies Group from $30.00 to $25.00 and set a “buy” rating for the company in a research report on Thursday, February 12th. Nine investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Bitdeer Technologies Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.50.

Institutional Trading of Bitdeer Technologies Group

Large investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC purchased a new stake in shares of Bitdeer Technologies Group in the fourth quarter valued at about $34,000. Kestra Advisory Services LLC acquired a new position in Bitdeer Technologies Group in the 4th quarter valued at about $39,000. Hollencrest Capital Management purchased a new stake in shares of Bitdeer Technologies Group in the 1st quarter valued at approximately $43,000. Leonteq Securities AG purchased a new stake in shares of Bitdeer Technologies Group in the 1st quarter valued at approximately $72,000. Finally, Royal Bank of Canada increased its holdings in shares of Bitdeer Technologies Group by 80.2% during the 1st quarter. Royal Bank of Canada now owns 9,548 shares of the company’s stock worth $83,000 after buying an additional 4,250 shares during the last quarter. 22.25% of the stock is currently owned by hedge funds and other institutional investors.

Bitdeer Technologies Group Trading Down 0.4%

The stock has a market cap of $4.62 billion, a PE ratio of -5.69 and a beta of 2.45. The company’s 50-day moving average price is $12.75 and its 200 day moving average price is $11.61. The company has a debt-to-equity ratio of 1.88, a quick ratio of 1.11 and a current ratio of 1.85.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its earnings results on Thursday, May 14th. The company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.21). The company had revenue of $188.93 million during the quarter, compared to analyst estimates of $184.02 million. Bitdeer Technologies Group had a negative net margin of 68.11% and a negative return on equity of 69.95%. The company’s quarterly revenue was up 169.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.37) EPS. On average, sell-side analysts forecast that Bitdeer Technologies Group will post -1.18 EPS for the current fiscal year.

About Bitdeer Technologies Group

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.