Bitdeer Technologies Group (NASDAQ:BTDR) Stock Has Consensus Price Target of $24.00 According to Brokerages

Key Points

• Analysts maintain a moderately bullish outlook: Fifteen analysts give Bitdeer a consensus “Moderate Buy” rating, with 12 buys and three holds. The average 12-month price target is $24, compared with the reported share price of $11.51.
• Insiders recently bought shares: CFO Michael Potter purchased 25,000 shares for $226,000, while insider Haris Basit bought 25,000 shares for $221,000.
• Despite analyst optimism, financial performance remains weak: Bitdeer reported a quarterly loss of $0.37 per share, negative net margins of 55.15%, and analysts expect a full-year loss of $1.72 per share.

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the fifteen analysts that are currently covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and twelve have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $24.00.

A number of equities analysts have recently issued reports on the company. Barclays initiated coverage on Bitdeer Technologies Group in a research note on Thursday, August 20th. They issued an "overweight" rating and a $15.00 price target on the stock. Zacks Research upgraded Bitdeer Technologies Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, June 2nd. Weiss Ratings reissued a "hold (c-)" rating on shares of Bitdeer Technologies Group in a report on Thursday, August 13th. Citizens Jmp initiated coverage on Bitdeer Technologies Group in a research report on Wednesday, June 24th. They issued a "market outperform" rating and a $35.00 target price on the stock. Finally, Needham & Company LLC cut their price target on Bitdeer Technologies Group from $22.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, August 11th.

Insider Buying and Selling

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

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of hedge funds have recently modified their holdings of BTDR. GAMMA Investing LLC lifted its position in Bitdeer Technologies Group by 57.3% during the second quarter. GAMMA Investing LLC now owns 2,476 shares of the company's stock valued at $39,000 after purchasing an additional 902 shares in the last quarter. Hollencrest Capital Management purchased a new stake in Bitdeer Technologies Group in the first quarter worth about $43,000. FNY Investment Advisers LLC purchased a new stake in Bitdeer Technologies Group in the second quarter worth about $66,000. Leonteq Securities AG bought a new position in shares of Bitdeer Technologies Group in the first quarter worth about $72,000. Finally, Royal Bank of Canada raised its stake in shares of Bitdeer Technologies Group by 80.2% in the first quarter. Royal Bank of Canada now owns 9,548 shares of the company's stock worth $83,000 after buying an additional 4,250 shares during the period. Institutional investors own 22.25% of the company's stock.

Bitdeer Technologies Group Trading Down 5.3%

NASDAQ:BTDR opened at $11.51 on Friday. The company's 50 day moving average price is $11.06 and its 200-day moving average price is $12.38. 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 has a 52 week low of $6.92 and a 52 week high of $27.80. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of -3.76 and a beta of 2.51.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last announced its quarterly earnings results on Tuesday, June 30th. The company reported ($0.37) EPS for the quarter. The company 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 research analysts forecast that Bitdeer Technologies Group will post -1.72 earnings per share for the current fiscal year.

About Bitdeer Technologies Group

Bitdeer Technologies Group NASDAQ: BTDR is a technology company focused on blockchain and high-performance computing infrastructure. Its primary business is cryptocurrency mining, including self-mining, hash rate sharing and mining machine hosting services. The company provides customers with access to mining capacity, data-center infrastructure and related operational support.

Bitdeer also designs and develops application-specific integrated circuit (ASIC) mining machines through its SEALMINER product line.

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