Bitdeer Technologies Group (NASDAQ:BTDR) Trading Up 11.5% - What's Next?

Key Points

• Bitdeer shares jumped 11.5% to about $10.04 on above-average volume, following a prior close of $9.00.
• Analyst sentiment remains broadly positive, with 11 Buy ratings and three Holds producing a “Moderate Buy” consensus and an average price target of $24.82, though some firms recently lowered their targets.
• The company continues to report weak profitability, including quarterly EPS of negative $0.37, a net margin of negative 55.15%, and an expected full-year EPS loss of $1.54. Insiders recently purchased 50,000 shares in aggregate, while institutional investors own 22.25% of the stock.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s stock price traded up 11.5% on Wednesday . The stock traded as high as $10.02 and last traded at $10.0350. Approximately 10,471,171 shares traded hands during trading, an increase of 13% from the average daily volume of 9,291,527 shares. The stock had previously closed at $9.00.

Analyst Ratings Changes

A number of analysts have issued reports on BTDR shares. Zacks Research raised shares of Bitdeer Technologies Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, June 2nd. Wall Street Zen cut Bitdeer Technologies Group from a "sell" rating to a "strong sell" rating in a research report on Saturday, May 2nd. Keefe, Bruyette & Woods decreased their price target on shares of Bitdeer Technologies Group from $14.00 to $10.00 and set a "market perform" rating on the stock in a report on Thursday, August 13th. Citizens Jmp began coverage on Bitdeer Technologies Group in a report on Wednesday, June 24th. They set a "market outperform" rating and a $35.00 price objective on the stock. Finally, B. Riley Financial cut their price target on Bitdeer Technologies Group from $23.00 to $21.00 and set a "buy" rating on the stock in a research note on Thursday, August 13th. Eleven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $24.82.

Bitdeer Technologies Group Trading Up 8.3%

The stock has a 50-day simple moving average of $13.18 and a two-hundred day simple moving average of $12.09. The firm has a market cap of $2.22 billion, a PE ratio of -3.17 and a beta of 2.50. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.01 and a current ratio of 1.01.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last released its quarterly earnings data on Tuesday, June 30th. The company reported ($0.37) earnings per share for the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%.The business had revenue of $228.78 million during the quarter. As a group, sell-side analysts anticipate that Bitdeer Technologies Group will post -1.54 EPS for the current year.

Insider Activity at Bitdeer Technologies Group

In related news, CFO Michael G. Potter acquired 25,000 shares of Bitdeer Technologies Group stock in a transaction that occurred on Wednesday, August 12th. The stock was acquired at an average price of $9.04 per share, for a total transaction of $226,000.00. Following the transaction, the chief financial officer directly owned 25,000 shares of the company's stock, valued at $226,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Haris Fozan Basit acquired 25,000 shares of Bitdeer Technologies Group stock in a transaction on Friday, August 14th. The shares were purchased at an average cost of $8.84 per share, with a total value of $221,000.00. Following the completion of the purchase, the insider directly owned 35,000 shares of the company's stock, valued at approximately $309,400. This represents a 250.00% increase in their position. The disclosure for this purchase is available in the SEC filing.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several hedge funds have recently bought and sold shares of the stock. Fund Resources Investment Holding Group Co Ltd acquired a new position in Bitdeer Technologies Group during the 4th quarter worth about $102,732,000. Bank of America Corp DE boosted its position in Bitdeer Technologies Group by 1,366.7% during the 1st quarter. Bank of America Corp DE now owns 3,227,585 shares of the company's stock valued at $27,919,000 after buying an additional 3,007,523 shares during the period. Value Aligned Research Advisors LLC boosted its holdings in shares of Bitdeer Technologies Group by 137.0% during the 4th quarter. Value Aligned Research Advisors LLC now owns 3,267,614 shares of the company's stock valued at $36,630,000 after acquiring an additional 1,888,825 shares during the last quarter. Situational Awareness LP raised its stake in Bitdeer Technologies Group by 92.4% during the 1st quarter. Situational Awareness LP now owns 3,439,450 shares of the company's stock worth $29,751,000 after acquiring an additional 1,651,450 shares during the period. Finally, Van ECK Associates Corp increased its stake in Bitdeer Technologies Group by 100.1% during the fourth quarter. Van ECK Associates Corp now owns 1,694,193 shares of the company's stock worth $18,992,000 after acquiring an additional 847,486 shares during the last quarter. 22.25% of the stock is currently owned by institutional investors and hedge funds.

About Bitdeer Technologies Group

Bitdeer Technologies Group Inc NASDAQ: BTDR is a global digital asset mining and computing services provider focused on delivering secure and efficient hashrate solutions to institutional and retail customers. The company leverages its proprietary mining platform to offer hosted mining, hashrate sales and management services, enabling clients to access large-scale mining operations without direct investment in hardware or infrastructure.

Bitdeer’s core offerings include mining hosting services, whereby the firm installs, operates and maintains specialized mining equipment on behalf of customers, and hashrate-as-a-service products that provide fixed-capacity mining power with transparent pricing structures.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source