Bitdeer Technologies Group (NASDAQ:BTDR) Trading 12% Higher – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price shot up 12% on Tuesday . The stock traded as high as $8.88 and last traded at $8.8260. 3,005,916 shares were traded during mid-day trading, a decline of 62% from the average session volume of 7,959,883 shares. The stock had previously closed at $7.88.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitdeer Technologies Group in a research note on Wednesday, January 21st. UBS Group restated a “buy” rating on shares of Bitdeer Technologies Group in a report on Thursday, February 12th. Zacks Research downgraded shares of Bitdeer Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Monday, March 16th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $14.00 target price (down from $26.50) on shares of Bitdeer Technologies Group in a report on Tuesday, January 27th. Finally, HC Wainwright cut their price target on Bitdeer Technologies Group from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. Ten research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Bitdeer Technologies Group has an average rating of “Moderate Buy” and an average price target of $26.60.

Bitdeer Technologies Group Stock Up 10.5%

The firm has a market cap of $1.84 billion, a PE ratio of -2.78 and a beta of 2.40. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.75 and a current ratio of 0.91. The firm’s 50-day moving average price is $10.02 and its two-hundred day moving average price is $13.68.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its earnings results on Thursday, February 12th. The company reported ($0.73) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.59). Bitdeer Technologies Group had a net margin of 10.58% and a return on equity of 8.92%. The company had revenue of $224.84 million during the quarter, compared to analysts’ expectations of $208.25 million. The firm’s revenue for the quarter was up 225.8% on a year-over-year basis. As a group, equities research analysts expect that Bitdeer Technologies Group will post -0.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Invesco Ltd. increased its holdings in shares of Bitdeer Technologies Group by 3.7% in the fourth quarter. Invesco Ltd. now owns 71,930 shares of the company’s stock valued at $806,000 after purchasing an additional 2,597 shares during the period. Vident Advisory LLC increased its holdings in shares of Bitdeer Technologies Group by 39.3% in the 4th quarter. Vident Advisory LLC now owns 1,186,662 shares of the company’s stock valued at $13,302,000 after purchasing an additional 334,548 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Bitdeer Technologies Group in the 4th quarter valued at about $34,000. Vennlight Capital Management LP acquired a new stake in shares of Bitdeer Technologies Group in the fourth quarter valued at about $1,030,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of Bitdeer Technologies Group in the fourth quarter valued at about $604,000. 22.25% of the stock is owned by hedge funds and other institutional investors.

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.