Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Up - Here's What Happened

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $7.53, but opened at $7.93. Bitdeer Technologies Group shares last traded at $8.25, with a volume of 1,115,993 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BTDR. Northland Securities initiated coverage on shares of Bitdeer Technologies Group in a research note on Wednesday, October 9th. They issued an "outperform" rating and a $13.00 target price for the company. Benchmark reiterated a "buy" rating and set a $16.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, August 13th. Roth Mkm restated a "buy" rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a research note on Monday, July 1st. B. Riley reduced their price objective on shares of Bitdeer Technologies Group from $14.00 to $12.00 and set a "buy" rating for the company in a research report on Friday, October 11th. Finally, Alliance Global Partners assumed coverage on shares of Bitdeer Technologies Group in a research report on Tuesday, October 8th. They issued a "buy" rating and a $14.00 price objective on the stock. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Bitdeer Technologies Group currently has an average rating of "Buy" and an average target price of $13.70.

Bitdeer Technologies Group Trading Up 24.4 %

The firm has a market cap of $1.05 billion, a price-to-earnings ratio of -21.02 and a beta of 1.92. The firm's 50 day simple moving average is $7.12 and its two-hundred day simple moving average is $7.64.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.06). The business had revenue of $99.23 million during the quarter, compared to analyst estimates of $110.79 million. Bitdeer Technologies Group had a negative net margin of 5.69% and a negative return on equity of 2.56%. As a group, equities research analysts anticipate that Bitdeer Technologies Group will post -0.31 earnings per share for the current fiscal year.

Institutional Trading of Bitdeer Technologies Group

Large investors have recently modified their holdings of the stock. Millennium Management LLC lifted its position in Bitdeer Technologies Group by 901.0% during the second quarter. Millennium Management LLC now owns 410,359 shares of the company's stock worth $4,210,000 after purchasing an additional 369,363 shares during the period. Van ECK Associates Corp lifted its holdings in shares of Bitdeer Technologies Group by 10.5% during the 1st quarter. Van ECK Associates Corp now owns 1,216,060 shares of the company's stock worth $8,537,000 after acquiring an additional 115,882 shares during the period. Point72 Hong Kong Ltd bought a new stake in shares of Bitdeer Technologies Group during the 2nd quarter worth approximately $4,510,000. Thomist Capital Management LP acquired a new stake in shares of Bitdeer Technologies Group during the 2nd quarter worth approximately $1,156,000. Finally, Shariaportfolio Inc. bought a new position in Bitdeer Technologies Group in the third quarter valued at approximately $1,039,000. 22.25% of the stock is owned by institutional investors and hedge funds.

About Bitdeer Technologies Group

Bitdeer Technologies Group operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and Hash rate marketplace; and a one-stop mining machine hosting solutions encompassing deployment, maintenance, and management services for efficient cryptocurrency mining; as well as mines cryptocurrencies for its own account.