Bitdeer Technologies Group (NASDAQ:BTDR) Trading Up 13.4% – Time to Buy?

Bitdeer Technologies Group (NASDAQ:BTDR) shares traded up 13.4% during trading on Wednesday . The company traded as high as $12.58 and last traded at $12.44. 1,782,839 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 2,132,680 shares. The stock had previously closed at $10.97.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. B. Riley dropped their price objective on Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Rosenblatt Securities reiterated a “buy” rating and issued a $9.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. Alliance Global Partners began coverage on Bitdeer Technologies Group in a research report on Tuesday, October 8th. They set a “buy” rating and a $14.00 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $14.00 target price on shares of Bitdeer Technologies Group in a research note on Thursday, September 26th. Finally, Northland Capmk upgraded shares of Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Ten equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Bitdeer Technologies Group has an average rating of “Buy” and a consensus price target of $13.70.

Bitdeer Technologies Group Price Performance

The company has a fifty day moving average price of $7.62 and a 200-day moving average price of $7.87.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.06). The company had revenue of $99.23 million during the quarter, compared to analysts’ expectations of $110.79 million. Bitdeer Technologies Group had a negative return on equity of 2.56% and a negative net margin of 5.69%. On average, research analysts anticipate that Bitdeer Technologies Group will post -0.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BTDR. Central Asset Investments & Management Holdings HK Ltd purchased a new position in shares of Bitdeer Technologies Group during the second quarter valued at approximately $272,000. XTX Topco Ltd bought a new position in Bitdeer Technologies Group in the 2nd quarter worth about $276,000. Virtu Financial LLC purchased a new position in shares of Bitdeer Technologies Group during the first quarter worth approximately $431,000. Symmetry Investments LP bought a new position in Bitdeer Technologies Group in the second quarter worth approximately $432,000. Finally, Shariaportfolio Inc. purchased a new stake in shares of Bitdeer Technologies Group in the 3rd quarter worth $1,039,000. Institutional investors own 22.25% of the company’s stock.

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.