Bitdeer Technologies Group (NASDAQ:BTDR) Upgraded by Barclays to "Strong-Buy" Rating

Key Points

• Barclays upgraded Bitdeer Technologies Group to “strong buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $24.00.
• Bitdeer opened at $10.43 and has posted weak fundamentals, including a quarterly loss of $0.37 per share, a negative 55.15% net margin, and a projected full-year loss of $1.54 per share.
• Company insiders showed confidence by purchasing 25,000 shares each, while institutional investors and hedge funds collectively own 22.25% of Bitdeer’s stock.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) was upgraded by research analysts at Barclays to a "strong-buy" rating in a research report issued on Thursday,Zacks.com reports.

Several other analysts have also recently issued reports on the stock. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Bitdeer Technologies Group in a research note on Thursday, August 13th. Cantor Fitzgerald raised shares of Bitdeer Technologies Group from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $15.00 to $18.00 in a research note on Wednesday, August 5th. Citizens Jmp initiated coverage on Bitdeer Technologies Group in a report on Wednesday, June 24th. They set a "market outperform" rating and a $35.00 target price on the stock. Benchmark restated a "buy" rating on shares of Bitdeer Technologies Group in a research report on Tuesday, August 11th. Finally, Wall Street Zen cut Bitdeer Technologies Group from a "sell" rating to a "strong sell" rating in a report on Saturday, May 2nd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Bitdeer Technologies Group currently has an average rating of "Moderate Buy" and a consensus price target of $24.00.

Bitdeer Technologies Group Price Performance

Bitdeer Technologies Group stock opened at $10.43 on Thursday. Bitdeer Technologies Group has a 52-week low of $6.92 and a 52-week high of $27.80. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of -3.41 and a beta of 2.50. The company has a fifty day simple moving average of $12.90 and a 200-day simple moving average of $12.05. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.20.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last issued its earnings results on Tuesday, June 30th. The company reported ($0.37) EPS for the quarter. The business had revenue of $228.78 million during the quarter. Bitdeer Technologies Group had a negative net margin of 55.15% and a negative return on equity of 54.72%. On average, equities analysts anticipate that Bitdeer Technologies Group will post -1.54 EPS for the current fiscal year.

Insider Transactions at Bitdeer Technologies Group

In other news, insider Haris Fozan Basit bought 25,000 shares of Bitdeer Technologies Group stock in a transaction on Friday, August 14th. The shares were bought 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 trade represents a 250.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael G. Potter bought 25,000 shares of Bitdeer Technologies Group stock in a transaction on Wednesday, August 12th. The shares were purchased at an average cost of $9.04 per share, for a total transaction of $226,000.00. Following the completion of the purchase, 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 ownership of the stock. The SEC filing for this purchase provides additional information.

Institutional Trading of Bitdeer Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Empowered Funds LLC acquired a new position in Bitdeer Technologies Group in the fourth quarter valued at approximately $34,000. GAMMA Investing LLC grew its position in Bitdeer Technologies Group by 57.3% in the second quarter. GAMMA Investing LLC now owns 2,476 shares of the company's stock worth $39,000 after acquiring an additional 902 shares during the period. Kestra Advisory Services LLC purchased a new position in Bitdeer Technologies Group in the fourth quarter worth approximately $39,000. Hollencrest Capital Management acquired a new stake in Bitdeer Technologies Group during the first quarter worth $43,000. Finally, FNY Investment Advisers LLC acquired a new stake in Bitdeer Technologies Group during the second quarter worth $66,000. Institutional investors and hedge funds own 22.25% of the company's stock.

Bitdeer Technologies Group Company Profile

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.

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