Engineers Gate Manager LP Buys Shares of 133,272 Bitdeer Technologies Group $BTDR

Key Points

• Engineers Gate Manager LP acquired 133,272 Bitdeer shares worth approximately $2.1 million, while institutional investors collectively own 22.25% of the company.
• Bitdeer reported a quarterly loss of $0.37 per share on $228.78 million in revenue, with negative net margins and return on equity; analysts expect a full-year loss of $1.72 per share.
• Insiders purchased shares, and analyst sentiment remains positive overall: 12 analysts rate BTDR a Buy and three a Hold, with a consensus “Moderate Buy” rating and a $24 average price target versus a recent $10.91 share price.

Engineers Gate Manager LP bought a new stake in shares of Bitdeer Technologies Group (NASDAQ:BTDR - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 133,272 shares of the company's stock, valued at approximately $2,115,000. Engineers Gate Manager LP owned 0.06% of Bitdeer Technologies Group as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Bank of America Corp DE lifted its stake in Bitdeer Technologies Group by 1,366.7% in 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 purchasing an additional 3,007,523 shares during the last quarter. Situational Awareness LP increased its position in Bitdeer Technologies Group by 92.4% in the first quarter. Situational Awareness LP now owns 3,439,450 shares of the company's stock worth $29,751,000 after buying an additional 1,651,450 shares during the last quarter. Bank of Nova Scotia raised its stake in shares of Bitdeer Technologies Group by 91.1% in the first quarter. Bank of Nova Scotia now owns 1,369,447 shares of the company's stock valued at $11,846,000 after buying an additional 652,874 shares during the period. Renaissance Technologies LLC bought a new stake in shares of Bitdeer Technologies Group in the first quarter valued at $2,048,000. Finally, CastleKnight Management LP lifted its position in shares of Bitdeer Technologies Group by 14.8% during the 4th quarter. CastleKnight Management LP now owns 2,095,116 shares of the company's stock valued at $23,486,000 after buying an additional 269,875 shares during the last quarter. Hedge funds and other institutional investors own 22.25% of the company's stock.

Bitdeer Technologies Group Price Performance

Shares of NASDAQ BTDR opened at $10.91 on Wednesday. The stock has a market cap of $2.48 billion, a PE ratio of -3.57 and a beta of 2.51. Bitdeer Technologies Group has a fifty-two week low of $6.92 and a fifty-two week high of $27.80. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a fifty day moving average of $11.09 and a 200-day moving average of $12.16.

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 (EPS) for the quarter. The company had revenue of $228.78 million for the quarter. Bitdeer Technologies Group had a negative net margin of 55.15% and a negative return on equity of 54.72%. Equities research analysts anticipate that Bitdeer Technologies Group will post -1.72 earnings per share for the current year.

Insider Transactions at Bitdeer Technologies Group

In other news, insider Haris Basit acquired 25,000 shares of the business's stock in a transaction dated Friday, August 14th. The stock was bought at an average cost of $8.84 per share, for a total transaction of $221,000.00. Following the completion of the transaction, the insider owned 35,000 shares of the company's stock, valued at $309,400. The trade was a 250.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 purchased at an average cost of $9.04 per share, with a total value of $226,000.00. Following the purchase, the chief financial officer owned 25,000 shares of the company's stock, valued at $226,000. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Citizens Jmp started coverage on Bitdeer Technologies Group in a research note on Wednesday, June 24th. They set a "market outperform" rating and a $35.00 price target for the company. Benchmark restated a "buy" rating on shares of Bitdeer Technologies Group in a research note on Tuesday, August 11th. B. Riley Financial dropped their price objective on shares of Bitdeer Technologies Group from $23.00 to $21.00 and set a "buy" rating on the stock in a report on Thursday, August 13th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Bitdeer Technologies Group in a research report on Thursday, August 13th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $25.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday. Twelve equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Bitdeer Technologies Group presently has an average rating of "Moderate Buy" and an average price target of $24.00.

Bitdeer Technologies Group Profile

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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