Bitdeer Technologies Group (NASDAQ:BTDR) Trading 8.2% Higher - Still a Buy?

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) traded up 8.2% during trading on Friday . The company traded as high as $8.79 and last traded at $8.73. 2,115,317 shares changed hands during mid-day trading, an increase of 6% from the average session volume of 1,989,515 shares. The stock had previously closed at $8.07.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Northland Capmk raised shares of Bitdeer Technologies Group to a "strong-buy" rating in a research report on Wednesday, October 9th. Northland Securities assumed coverage on Bitdeer Technologies Group in a research report on Wednesday, October 9th. They issued an "outperform" rating and a $13.00 price target for the company. Rosenblatt Securities reaffirmed a "buy" rating and issued a $9.00 price target on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. Roth Mkm reiterated a "buy" rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a report on Monday, July 1st. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $13.00 price objective on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Bitdeer Technologies Group currently has an average rating of "Buy" and an average target price of $13.70.

Bitdeer Technologies Group Trading Up 7.6 %

The company has a market cap of $971.86 million, a PE ratio of -21.17 and a beta of 1.92. The firm has a 50 day moving average of $7.05 and a two-hundred day moving average of $7.60.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.06). The company had revenue of $99.23 million for the quarter, compared to the consensus estimate of $110.79 million. Bitdeer Technologies Group had a negative net margin of 5.69% and a negative return on equity of 2.56%. On average, research analysts forecast that Bitdeer Technologies Group will post -0.31 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BTDR. Point72 Asset Management L.P. bought a new position in Bitdeer Technologies Group in the 2nd quarter valued at approximately $4,617,000. Millennium Management LLC grew its position in Bitdeer Technologies Group by 901.0% in the 2nd 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. Point72 Hong Kong Ltd bought a new stake in shares of Bitdeer Technologies Group during the 2nd quarter valued at about $4,510,000. Marshall Wace LLP bought a new position in shares of Bitdeer Technologies Group in the 2nd quarter worth approximately $5,074,000. Finally, D1 Capital Partners L.P. purchased a new position in shares of Bitdeer Technologies Group in the second quarter worth approximately $5,386,000. Institutional investors own 22.25% of the company's stock.

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.