Bitdeer Technologies Group (NASDAQ:BTDR) Stock Has Consensus Price Target of $21.80 According to Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Bitdeer, with 10 buy, two hold and one sell rating among 13 firms. The average 12-month price target is $21.80, well above the stock’s reported $7.84 price.
• Bitdeer shares have declined substantially from their 12-month high of $25.28 and trade below both their 50-day and 200-day moving averages. The company reported a quarterly loss of $0.37 per share, negative net margin of 55.15% and analysts expect a full-year loss.
• Company insiders recently bought shares worth roughly $447,000 combined, while several institutional investors increased their holdings. Hedge funds and other institutions own 22.25% of Bitdeer’s stock.

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the thirteen research firms that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and ten have assigned a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $21.80.

BTDR has been the subject of a number of recent research reports. B. Riley Financial lowered their price target on shares of Bitdeer Technologies Group from $23.00 to $21.00 and set a "buy" rating for the company in a research report on Thursday, August 13th. Cantor Fitzgerald raised shares of Bitdeer Technologies Group from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $15.00 to $18.00 in a research note on Wednesday, August 5th. Weiss Ratings cut shares of Bitdeer Technologies Group from a "hold (c-)" rating to a "sell (d-)" rating in a report on Friday, October 2nd. HC Wainwright reaffirmed a "buy" rating on shares of Bitdeer Technologies Group in a research note on Friday, October 2nd. Finally, Citizens Jmp started coverage on shares of Bitdeer Technologies Group in a research note on Wednesday, June 24th. They set a "market outperform" rating and a $35.00 target price for the company.

Insider Buying and Selling

In related news, insider Haris Basit purchased 25,000 shares of the business's stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average price of $8.84 per share, for a total transaction of $221,000.00. Following 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael G. Potter acquired 25,000 shares of Bitdeer Technologies Group stock in a transaction that occurred on Wednesday, August 12th. The shares were bought at an average cost of $9.04 per share, with a total value of $226,000.00. Following the transaction, the chief financial officer owned 25,000 shares in the company, valued at $226,000. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its holdings in shares of Bitdeer Technologies Group by 1,366.7% during the first quarter. Bank of America Corp DE now owns 3,227,585 shares of the company's stock valued at $27,919,000 after acquiring an additional 3,007,523 shares in the last quarter. Q Fund Management Hong Kong Ltd purchased a new position in shares of Bitdeer Technologies Group in the 3rd quarter worth about $3,321,000. Situational Awareness LP raised its position in shares of Bitdeer Technologies Group by 92.4% in the 1st quarter. Situational Awareness LP now owns 3,439,450 shares of the company's stock worth $29,751,000 after purchasing an additional 1,651,450 shares during the last quarter. Engineers Gate Manager LP bought a new position in Bitdeer Technologies Group in the 2nd quarter worth about $2,115,000. Finally, Bank of Nova Scotia boosted its stake in Bitdeer Technologies Group by 91.1% in the 1st quarter. Bank of Nova Scotia now owns 1,369,447 shares of the company's stock worth $11,846,000 after purchasing an additional 652,874 shares in the last quarter. Hedge funds and other institutional investors own 22.25% of the company's stock.

Bitdeer Technologies Group Stock Performance

Shares of Bitdeer Technologies Group stock opened at $7.84 on Wednesday. Bitdeer Technologies Group has a 12 month low of $6.92 and a 12 month high of $25.28. The firm has a market capitalization of $1.78 billion, a P/E ratio of -2.56 and a beta of 2.56. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.20. The business has a fifty day simple moving average of $10.65 and a two-hundred day simple moving average of $12.57.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last released its earnings results on Tuesday, June 30th. The company reported ($0.37) earnings per share for the quarter. The business had revenue of $228.78 million during the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. On average, equities analysts forecast that Bitdeer Technologies Group will post -1.68 earnings per share for the current fiscal year.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group is a technology company focused on cryptocurrency mining and related infrastructure. The company operates a vertically integrated platform that includes cryptocurrency mining, miner hosting, and hash rate sharing services, allowing customers to participate in digital asset mining without managing all of the underlying hardware and facilities.

Bitdeer conducts self-mining operations and provides data center services for mining equipment. It also develops and manufactures application-specific integrated circuit (ASIC) mining machines through its SEALMINER product line, with the goal of improving mining performance and energy efficiency.

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