Citizens Jmp Initiates Coverage on Bitdeer Technologies Group (NASDAQ:BTDR)

Analysts at Citizens Jmp began coverage on shares of Bitdeer Technologies Group (NASDAQ:BTDR) in a research report issued on Wednesday. The firm set an “outperform” rating and a $35.00 price target on the stock. Citizens Jmp’s price target points to a potential upside of 103.13% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Weiss Ratings upgraded shares of Bitdeer Technologies Group from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Monday, May 18th. B. Riley Financial raised their target price on Bitdeer Technologies Group from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Cantor Fitzgerald raised their target price 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. Keefe, Bruyette & Woods reissued a “market perform” rating on shares of Bitdeer Technologies Group in a research note on Wednesday, May 20th. Finally, Wall Street Zen cut Bitdeer Technologies Group from a “sell” rating to a “strong sell” rating in a report on Saturday, May 2nd. Ten research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $25.45.

Bitdeer Technologies Group Price Performance

Shares of NASDAQ:BTDR opened at $17.23 on Wednesday. The company has a market cap of $4.06 billion, a PE ratio of -4.99 and a beta of 2.45. Bitdeer Technologies Group has a twelve month low of $6.92 and a twelve month high of $27.80. The company’s 50 day moving average is $14.94 and its 200 day moving average is $12.15. The company has a current ratio of 1.85, a quick ratio of 1.11 and a debt-to-equity ratio of 1.88.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. First Trust Advisors LP increased its holdings in shares of Bitdeer Technologies Group by 2.2% in the 3rd quarter. First Trust Advisors LP now owns 40,138 shares of the company’s stock valued at $686,000 after purchasing an additional 878 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in Bitdeer Technologies Group by 5.6% during the third quarter. Public Employees Retirement System of Ohio now owns 20,800 shares of the company’s stock worth $355,000 after buying an additional 1,100 shares in the last quarter. Alliancebernstein L.P. increased its position in Bitdeer Technologies Group by 1.3% during the 3rd quarter. Alliancebernstein L.P. now owns 104,787 shares of the company’s stock worth $1,791,000 after purchasing an additional 1,307 shares in the last quarter. Invesco Ltd. increased its position in Bitdeer Technologies Group by 3.7% during the 4th quarter. Invesco Ltd. now owns 71,930 shares of the company’s stock worth $806,000 after purchasing an additional 2,597 shares in the last quarter. Finally, ProShare Advisors LLC raised its stake in Bitdeer Technologies Group by 17.4% in the 4th quarter. ProShare Advisors LLC now owns 18,023 shares of the company’s stock valued at $202,000 after purchasing an additional 2,670 shares during the last quarter. Hedge funds and other institutional investors own 22.25% of the company’s stock.

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.