Bitdeer Technologies Group (NASDAQ:BTDR) Trading 8.6% Higher – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR) rose 8.6% during trading on Thursday . The company traded as high as $13.55 and last traded at $13.6380. Approximately 1,702,660 shares changed hands during trading, a decline of 80% from the average daily volume of 8,574,466 shares. The stock had previously closed at $12.56.

Analyst Ratings Changes

Several brokerages have recently weighed in 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. Zacks Research raised shares of Bitdeer Technologies Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Citizens Jmp started coverage on Bitdeer Technologies Group in a report on Wednesday, June 24th. They set a “market outperform” rating and a $35.00 target price for the company. Rosenblatt Securities lifted their price target on Bitdeer Technologies Group from $18.00 to $25.00 and gave the company a “buy” rating in a report on Friday, May 15th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating on shares of Bitdeer Technologies Group in a research note on Wednesday, May 20th. Ten research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $25.45.

Bitdeer Technologies Group Trading Up 9.8%

The company’s 50 day simple moving average is $15.56 and its two-hundred day simple moving average is $12.46. The company has a quick ratio of 1.11, a current ratio of 1.85 and a debt-to-equity ratio of 1.88. The company has a market capitalization of $3.25 billion, a price-to-earnings ratio of -4.01 and a beta of 2.47.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.21). The business had revenue of $188.93 million for the quarter, compared to analysts’ expectations 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 business’s revenue for the quarter was up 169.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.37) EPS. As a group, research analysts anticipate that Bitdeer Technologies Group will post -1.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several hedge funds and other institutional investors have recently modified their holdings of BTDR. FNY Investment Advisers LLC purchased a new stake in Bitdeer Technologies Group during the 2nd quarter worth approximately $66,000. GAMMA Investing LLC grew its holdings in shares of 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 during the last quarter. Bank of America Corp DE increased its position in shares of Bitdeer Technologies Group by 1,366.7% in the 1st quarter. Bank of America Corp DE now owns 3,227,585 shares of the company’s stock valued at $27,919,000 after acquiring an additional 3,007,523 shares during the period. Situational Awareness LP grew its stake in Bitdeer Technologies Group by 92.4% during the 1st quarter. Situational Awareness LP now owns 3,439,450 shares of the company’s stock valued at $29,751,000 after purchasing an additional 1,651,450 shares during the last quarter. Finally, Royal Bank of Canada increased its holdings in shares of Bitdeer Technologies Group by 80.2% in the first quarter. Royal Bank of Canada now owns 9,548 shares of the company’s stock valued at $83,000 after purchasing an additional 4,250 shares during the period. 22.25% of the stock is owned by hedge funds and other institutional investors.

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.