Bitdeer Technologies Group (NASDAQ:BTDR) Shares Up 7.6% – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price traded up 7.6% on Monday . The company traded as high as $11.60 and last traded at $11.56. Approximately 575,251 shares changed hands during trading, a decline of 93% from the average daily volume of 8,548,727 shares. The stock had previously closed at $10.74.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BTDR. Zacks Research raised Bitdeer Technologies Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Cantor Fitzgerald upped their price objective on Bitdeer Technologies Group from $11.00 to $15.00 and gave the stock a “neutral” rating in a research note on Friday, May 15th. Rosenblatt Securities increased their target price on Bitdeer Technologies Group from $18.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Weiss Ratings upgraded Bitdeer Technologies Group from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Monday, May 18th. Finally, Wall Street Zen cut Bitdeer Technologies Group from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 2nd. Ten equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $25.45.

Bitdeer Technologies Group Stock Up 9.8%

The firm has a 50 day simple moving average of $15.48 and a two-hundred day simple moving average of $12.53. The company has a debt-to-equity ratio of 1.88, a quick ratio of 1.11 and a current ratio of 1.85. The stock has a market cap of $2.94 billion, a P/E ratio of -3.62 and a beta of 2.47.

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

Institutional Trading of Bitdeer Technologies Group

A number of hedge funds and other institutional investors have recently made changes to their positions in BTDR. GAMMA Investing LLC lifted its stake in shares of Bitdeer Technologies Group by 57.3% in the 2nd quarter. GAMMA Investing LLC now owns 2,476 shares of the company’s stock worth $39,000 after acquiring an additional 902 shares during the period. Empowered Funds LLC acquired a new position in shares of Bitdeer Technologies Group during the fourth quarter valued at approximately $34,000. Kestra Advisory Services LLC bought a new stake in Bitdeer Technologies Group during the fourth quarter worth approximately $39,000. FNY Investment Advisers LLC bought a new stake in Bitdeer Technologies Group during the second quarter worth approximately $66,000. Finally, Hollencrest Capital Management acquired a new stake in Bitdeer Technologies Group in the first quarter worth approximately $43,000. 22.25% of the stock is currently owned by 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.