Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Up – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $7.34, but opened at $7.65. Bitdeer Technologies Group shares last traded at $7.99, with a volume of 1,049,689 shares.

Wall Street Analyst Weigh In

Several research analysts have issued reports on BTDR shares. HC Wainwright dropped their price target on Bitdeer Technologies Group from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, February 12th. Keefe, Bruyette & Woods restated 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. Rosenblatt Securities cut their target price on Bitdeer Technologies Group from $30.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, February 9th. Benchmark reduced their target price on Bitdeer Technologies Group from $38.00 to $27.00 and set a “buy” rating for the company in a report on Tuesday, February 10th. Finally, Cantor Fitzgerald dropped their price target on Bitdeer Technologies Group to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 16th. Ten equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Bitdeer Technologies Group has an average rating of “Moderate Buy” and a consensus price target of $26.60.

Bitdeer Technologies Group Stock Performance

The firm’s 50-day simple moving average is $11.15 and its two-hundred day simple moving average is $14.10. The company has a current ratio of 0.91, a quick ratio of 0.75 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $1.61 billion, a PE ratio of -2.43 and a beta of 2.40.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its earnings results on Thursday, February 12th. The company reported ($0.73) earnings per share (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 business had revenue of $224.84 million during the quarter, compared to analysts’ expectations of $208.25 million. The business’s quarterly revenue was up 225.8% compared to the same quarter last year. On average, equities research analysts expect that Bitdeer Technologies Group will post -0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several institutional investors and hedge funds have recently bought and sold shares of BTDR. Great Lakes Advisors LLC acquired a new stake in shares of Bitdeer Technologies Group during the third quarter worth approximately $1,355,000. Geode Capital Management LLC increased its stake in Bitdeer Technologies Group by 197.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,592,504 shares of the company’s stock valued at $18,280,000 after buying an additional 1,057,552 shares during the period. Highbridge Capital Management LLC purchased a new stake in Bitdeer Technologies Group in the 2nd quarter worth approximately $3,255,000. Voya Investment Management LLC lifted its position in Bitdeer Technologies Group by 421.6% in the 3rd quarter. Voya Investment Management LLC now owns 128,331 shares of the company’s stock worth $2,193,000 after buying an additional 103,730 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in shares of Bitdeer Technologies Group during the 2nd quarter valued at $501,000. Hedge funds and other institutional investors own 22.25% of the company’s stock.

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.