Bitdeer Technologies Group (NASDAQ:BTDR) Trading Up 7.4% - Time to Buy?

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) traded up 7.4% on Friday . The stock traded as high as $7.38 and last traded at $7.38. 1,010,524 shares traded hands during trading, a decline of 49% from the average session volume of 1,978,547 shares. The stock had previously closed at $6.87.

Analysts Set New Price Targets

Several brokerages recently weighed in on BTDR. Rosenblatt Securities restated a "buy" rating and set a $9.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday. Benchmark restated a "buy" rating and issued a $16.00 price objective on shares of Bitdeer Technologies Group in a research note on Tuesday, August 13th. Northland Securities assumed coverage on shares of Bitdeer Technologies Group in a research note on Wednesday. They set an "outperform" rating and a $13.00 target price for the company. HC Wainwright reduced their price target on shares of Bitdeer Technologies Group from $20.00 to $17.00 and set a "buy" rating for the company in a report on Tuesday, August 13th. Finally, Roth Mkm restated a "buy" rating and set a $14.00 price objective on shares of Bitdeer Technologies Group in a report on Monday, July 1st. Ten research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $13.70.

Bitdeer Technologies Group Stock Performance

The firm has a market capitalization of $847.61 million, a price-to-earnings ratio of -38.84 and a beta of 1.92. The firm's 50-day moving average price is $7.02 and its two-hundred day moving average price is $7.55.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last released its quarterly earnings data 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). Bitdeer Technologies Group had a negative net margin of 5.69% and a negative return on equity of 2.56%. The company had revenue of $99.23 million for the quarter, compared to analyst estimates of $110.79 million. As a group, equities research analysts anticipate that Bitdeer Technologies Group will post -0.31 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Central Asset Investments & Management Holdings HK Ltd bought a new stake in shares of Bitdeer Technologies Group in the 2nd quarter worth about $272,000. XTX Topco Ltd acquired a new position in Bitdeer Technologies Group in the second quarter valued at about $276,000. Symmetry Investments LP bought a new stake in Bitdeer Technologies Group during the second quarter worth about $432,000. Virtu Financial LLC acquired a new stake in shares of Bitdeer Technologies Group during the first quarter worth approximately $431,000. Finally, Thomist Capital Management LP bought a new position in shares of Bitdeer Technologies Group in the second quarter valued at approximately $1,156,000. 22.25% of the stock is currently owned by institutional investors and hedge funds.

Bitdeer Technologies Group Company Profile

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.

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