Bitdeer Technologies Group (NASDAQ:BTDR) Price Target Cut to $12.00

Bitdeer Technologies Group (NASDAQ:BTDR) had its price target lowered by B. Riley from $14.00 to $12.00 in a research note issued to investors on Friday, Benzinga reports. B. Riley currently has a buy rating on the stock.

Other analysts have also recently issued reports about the company. Alliance Global Partners started coverage on Bitdeer Technologies Group in a research report on Tuesday. They set a buy rating and a $14.00 price objective on the stock. Benchmark restated a buy rating and set a $16.00 price target on shares of Bitdeer Technologies Group in a research report on Tuesday, August 13th. Rosenblatt Securities reaffirmed a buy rating and issued a $9.00 price target on shares of Bitdeer Technologies Group in a research note on Tuesday. Northland Capmk raised Bitdeer Technologies Group to a strong-buy rating in a research report on Wednesday. Finally, HC Wainwright dropped their target price on shares of Bitdeer Technologies Group from $20.00 to $17.00 and set a buy rating on the stock in a report on Tuesday, August 13th. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Buy and an average price target of $13.70.

Bitdeer Technologies Group Stock Up 10.2 %

NASDAQ BTDR opened at $7.57 on Friday. The company has a 50-day simple moving average of $7.02 and a two-hundred day simple moving average of $7.55. Bitdeer Technologies Group has a 12-month low of $2.77 and a 12-month high of $14.27. The firm has a market cap of $847.61 million, a price-to-earnings ratio of -39.84 and a beta of 1.92.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates 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%. Equities analysts expect that Bitdeer Technologies Group will post -0.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several large investors have recently modified their holdings of BTDR. Nomura Holdings Inc. purchased a new position in shares of Bitdeer Technologies Group in the fourth quarter worth $15,350,000. Van ECK Associates Corp increased its holdings in Bitdeer Technologies Group by 10.5% in the 1st quarter. Van ECK Associates Corp now owns 1,216,060 shares of the company’s stock worth $8,537,000 after buying an additional 115,882 shares in the last quarter. Vident Advisory LLC raised its position in Bitdeer Technologies Group by 186.4% in the 1st quarter. Vident Advisory LLC now owns 868,622 shares of the company’s stock worth $6,098,000 after buying an additional 565,362 shares during the last quarter. Virtu Financial LLC bought a new position in Bitdeer Technologies Group during the 1st quarter valued at about $431,000. Finally, Central Asset Investments & Management Holdings HK Ltd bought a new position in Bitdeer Technologies Group during the 2nd quarter valued at about $272,000. Hedge funds and other 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.