Bitdeer Technologies Group (NASDAQ:BTDR) Stock Has Average Price Target of $21.10

Key Points

• Analysts have a Moderate Buy consensus on Bitdeer, with 10 of 13 covering analysts rating it a buy; the average 12-month price target is $21.10.
• BTDR shares traded at $5.60, near their 1-year low of $5.03, after falling well below their 50-day and 200-day moving averages.
• Quarterly revenue rose 89% year over year to $320.75 million, beating estimates, but adjusted EPS of -$0.46 missed the consensus estimate of -$0.33.

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the thirteen analysts that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $21.10.

Several analysts have issued reports on BTDR shares. Keefe, Bruyette & Woods cut their target price on shares of Bitdeer Technologies Group from $14.00 to $10.00 and set a "market perform" rating on the stock in a research note on Thursday, August 13th. Barclays lowered their price target on Bitdeer Technologies Group from $17.00 to $14.00 and set an "overweight" rating for the company in a research note on Wednesday. Weiss Ratings lowered Bitdeer Technologies Group from a "hold (c-)" rating to a "sell (d-)" rating in a report on Friday, October 2nd. Benchmark reissued a "buy" rating on shares of Bitdeer Technologies Group in a research report on Tuesday, August 11th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $25.00 price objective on shares of Bitdeer Technologies Group in a research note on Tuesday, September 15th.

Bitdeer Technologies Group Stock Performance

Shares of BTDR traded down $0.53 during midday trading on Friday, hitting $5.60. 11,090,505 shares of the stock traded hands, compared to its average volume of 10,950,614. Bitdeer Technologies Group has a 1-year low of $5.03 and a 1-year high of $20.72. The firm has a market capitalization of $1.27 billion, a PE ratio of -2.50 and a beta of 2.72. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.01 and a current ratio of 0.82. The business's 50 day moving average price is $9.33 and its two-hundred day moving average price is $11.31.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last announced its quarterly earnings results on Tuesday, November 10th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.13). Bitdeer Technologies Group had a negative net margin of 31.84% and a negative return on equity of 32.77%. The firm had revenue of $320.75 million during the quarter, compared to analyst estimates of $258.18 million. During the same quarter in the previous year, the business posted ($1.28) EPS. Bitdeer Technologies Group's revenue for the quarter was up 89.0% compared to the same quarter last year. Equities research analysts predict that Bitdeer Technologies Group will post -1.78 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several hedge funds and other institutional investors have recently modified their holdings of BTDR. Bank of America Corp DE lifted its position in shares of Bitdeer Technologies Group by 1,366.7% in the 1st quarter. Bank of America Corp DE now owns 3,227,585 shares of the company's stock worth $27,919,000 after acquiring an additional 3,007,523 shares during the period. Q Fund Management Hong Kong Ltd bought a new stake in Bitdeer Technologies Group during the third quarter worth about $3,321,000. Situational Awareness LP boosted its stake in Bitdeer Technologies Group by 92.4% in the first quarter. Situational Awareness LP now owns 3,439,450 shares of the company's stock worth $29,751,000 after purchasing an additional 1,651,450 shares in the last quarter. Engineers Gate Manager LP acquired a new position in shares of Bitdeer Technologies Group during the second quarter worth approximately $2,115,000. Finally, Bank of Nova Scotia raised its position in shares of Bitdeer Technologies Group by 91.1% during the first quarter. Bank of Nova Scotia now owns 1,369,447 shares of the company's stock worth $11,846,000 after acquiring an additional 652,874 shares during the last quarter. Institutional investors and hedge funds own 22.25% of the company's stock.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group is a technology company focused on cryptocurrency mining and related infrastructure. Its business includes operating mining data centers, mining digital assets for its own account, and providing hosting services that allow customers to deploy and operate mining equipment. The company also develops and sells cryptocurrency mining machines and offers cloud hash rate services, which provide customers access to computing capacity for mining without requiring them to operate the equipment themselves.

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