B. Riley Analysts Raise Earnings Projections for Bitdeer Technologies Group

On December 18th, investment analysts from B. Riley increased their earnings per share estimates for Bitdeer Technologies Group (NASDAQ:BTDR). The analyst L. Pipes now anticipates that the company will report earnings of ($0.62) for the fiscal year 2024, an improvement from the earlier prediction of ($0.68). B. Riley remains optimistic about the stock, keeping a "Buy" rating along with a price target of $24.00.

The consensus estimate for Bitdeer Technologies Group's current fiscal year earnings stands at ($0.75) per share. Furthermore, B. Riley provided additional forecasts, estimating the company's earnings for the fourth quarter of 2024 at ($0.14) per share, projecting FY2025 earnings at $0.58, and FY2026 earnings at $1.01.

Recent Analyst Opinions

Other analysts have also expressed positive views about Bitdeer Technologies Group. For instance, Benchmark raised its target price from $16.00 to $29.00, maintaining a "buy" rating on December 9th. Similarly, Rosenblatt Securities increased their price target from $17.00 to $22.00 and retained a "buy" rating on December 6th. Additionally, HC Wainwright raised their price target from $17.00 to $18.00 and also issued a "buy" rating on November 19th.

On October 8th, Alliance Global Partners initiated coverage of Bitdeer Technologies with a "buy" rating and a target price of $14.00. Furthermore, Roth MKM increased their price target from $15.00 to $29.00 on December 17th. Overall, ten market analysts have rated Bitdeer Technologies Group as a buy, with an additional analyst giving it a strong buy rating. According to MarketBeat's data, the stock enjoys a consensus rating of "Buy" with an average target price of $19.80.

Bitdeer Technologies Group Stock Performance

The stock opened at $20.49 on Monday, currently holding a market capitalization of $2.29 billion. Bitdeer Technologies has a price-to-earnings ratio of -39.40 and a beta of 2.27. Over the past year, the stock has reached a low of $5.23 and a high of $25.51. At present, its 50-day moving average sits at $12.53, compared to a 200-day moving average of $9.78.

Institutional Investor Activity

Recently, several institutional investors have adjusted their positions in Bitdeer Technologies Group. The Public Employees Retirement System of Ohio established a new position valued at $66,000 during the third quarter. Centiva Capital LP and Barclays PLC also made new investments of approximately $91,000 and $161,000, respectively. Zurcher Kantonalbank Zurich Cantonalbank invested about $169,000, and Y Intercept Hong Kong Ltd significantly increased their stake by 96.8%, acquiring an additional 21,798 shares for a total of 44,328 shares valued at $347,000. Overall, institutional investors and hedge funds hold about 22.25% of the company’s stock.

About Bitdeer Technologies Group

Bitdeer Technologies Group is a technology company that operates in the blockchain and computing sector. The company provides hash rate sharing solutions, including cloud hash rate services and a hash rate marketplace. Additionally, they offer comprehensive mining machine hosting solutions that cover deployment, maintenance, and management for efficient cryptocurrency mining, and they also mine cryptocurrencies for their own accounts.

Bitdeer, Earnings, Analysts