Bitdeer Technologies Group Target of Unusually Large Options Trading (NASDAQ:BTDR)

Key Points

• Bitdeer Technologies Group (NASDAQ:BTDR) experienced a significant surge in options trading, with investors buying 42,998 call options, marking a 276% increase from the average volume.
• Institutional investors have shown increased interest in Bitdeer, with various funds, including UBS and Deutsche Bank, boosting their holdings and purchasing new stakes.
• Analysts maintain a majority positive outlook on the stock, with a consensus rating of "Buy" and a target price averaging around $20.80.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) was the target of unusually large options trading activity on Friday. Traders purchased 42,998 call options on the company. This is an increase of approximately 276% compared to the typical volume of 11,429 call options.

Wall Street Analysts Forecast Growth

BTDR has been the subject of a number of research analyst reports. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $23.00 price target on shares of Bitdeer Technologies Group in a report on Friday, August 15th. HC Wainwright raised their target price on shares of Bitdeer Technologies Group from $18.00 to $19.00 and gave the stock a "buy" rating in a report on Monday, August 18th. B. Riley reissued a "buy" rating on shares of Bitdeer Technologies Group in a report on Friday, August 15th. Needham & Company LLC reissued a "buy" rating and set a $17.00 target price on shares of Bitdeer Technologies Group in a report on Friday, August 15th. Finally, Wall Street Zen cut shares of Bitdeer Technologies Group from a "hold" rating to a "sell" rating in a report on Friday, August 22nd. One investment analyst has rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the stock. Based on data from MarketBeat, Bitdeer Technologies Group has an average rating of "Buy" and an average target price of $20.80.

Institutional Trading of Bitdeer Technologies Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BTDR. Bank of America Corp DE grew its position in Bitdeer Technologies Group by 67.5% during the second quarter. Bank of America Corp DE now owns 6,337,339 shares of the company's stock valued at $72,753,000 after buying an additional 2,553,093 shares during the period. Geode Capital Management LLC grew its position in shares of Bitdeer Technologies Group by 197.7% in the second quarter. Geode Capital Management LLC now owns 1,592,504 shares of the company's stock valued at $18,280,000 after purchasing an additional 1,057,552 shares during the period. FengHe Fund Management Pte. Ltd. grew its position in shares of Bitdeer Technologies Group by 178.2% in the first quarter. FengHe Fund Management Pte. Ltd. now owns 1,332,200 shares of the company's stock valued at $11,763,000 after purchasing an additional 853,300 shares during the period. Voloridge Investment Management LLC acquired a new stake in shares of Bitdeer Technologies Group in the fourth quarter valued at about $16,834,000. Finally, Capital Fund Management S.A. acquired a new stake in shares of Bitdeer Technologies Group in the first quarter valued at about $6,835,000. Institutional investors and hedge funds own 22.25% of the company's stock.

Bitdeer Technologies Group Stock Performance

BTDR stock traded up $0.13 during midday trading on Wednesday, hitting $16.51. 3,279,879 shares of the stock traded hands, compared to its average volume of 5,248,803. The firm has a market cap of $3.50 billion, a P/E ratio of -3.55 and a beta of 2.23. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.03 and a quick ratio of 0.84. The stock's fifty day simple moving average is $13.58 and its 200-day simple moving average is $12.10. Bitdeer Technologies Group has a 1-year low of $6.61 and a 1-year high of $26.99.

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.