B. Riley Cuts Bitdeer Technologies Group (NASDAQ:BTDR) Price Target to $29.00

Bitdeer Technologies Group (NASDAQ:BTDR) had its price target reduced by B. Riley from $32.00 to $29.00 in a report published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also weighed in on BTDR. Needham & Company LLC raised their price objective on shares of Bitdeer Technologies Group from $17.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Cantor Fitzgerald raised their price target on shares of Bitdeer Technologies Group from $30.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Bitdeer Technologies Group in a report on Wednesday, October 8th. Roth Capital reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Bitdeer Technologies Group in a research report on Wednesday, October 15th. Finally, Rosenblatt Securities lifted their target price on Bitdeer Technologies Group from $20.00 to $30.00 and gave the stock a “buy” rating in a report on Tuesday. Twelve research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.33.

Bitdeer Technologies Group Price Performance

Shares of BTDR opened at $10.52 on Wednesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.84 and a current ratio of 0.90. The firm’s 50-day simple moving average is $19.06 and its two-hundred day simple moving average is $15.19. Bitdeer Technologies Group has a fifty-two week low of $6.84 and a fifty-two week high of $27.80. The stock has a market cap of $2.23 billion, a PE ratio of -1.87 and a beta of 2.28.

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

Hedge Funds Weigh In On Bitdeer Technologies Group

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE grew its holdings in shares of Bitdeer Technologies Group by 67.5% in the second quarter. Bank of America Corp DE now owns 6,337,339 shares of the company’s stock worth $72,753,000 after acquiring an additional 2,553,093 shares during the period. Geode Capital Management LLC boosted its position in Bitdeer Technologies Group by 197.7% in the second quarter. Geode Capital Management LLC now owns 1,592,504 shares of the company’s stock worth $18,280,000 after purchasing an additional 1,057,552 shares during the last quarter. FengHe Fund Management Pte. Ltd. grew its stake in shares of Bitdeer Technologies Group by 178.2% during the 1st quarter. FengHe Fund Management Pte. Ltd. now owns 1,332,200 shares of the company’s stock valued at $11,763,000 after purchasing an additional 853,300 shares during the period. Value Aligned Research Advisors LLC grew its stake in shares of Bitdeer Technologies Group by 58.1% during the 3rd quarter. Value Aligned Research Advisors LLC now owns 1,316,500 shares of the company’s stock valued at $22,499,000 after purchasing an additional 483,991 shares during the period. Finally, Vident Advisory LLC increased its position in shares of Bitdeer Technologies Group by 9.8% during the 3rd quarter. Vident Advisory LLC now owns 852,114 shares of the company’s stock valued at $14,563,000 after purchasing an additional 76,338 shares during the last quarter. 22.25% of the stock is currently owned by hedge funds and other 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.