Funde Sino Life Insurance Co Ltd Makes New Investment in Bitdeer Technologies Group $BTDR

Key Points

• Funde Sino Life Insurance opened a 10.47 million-share position in Bitdeer, worth about $109.8 million. The stake represented 4.6% of the company and 59.2% of the fund’s portfolio, making it its largest holding.
• Bitdeer shares rose 13.2% to $6.01 on Friday, but remained well below their 52-week high of $23.30.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $21.60; company insiders also reported purchases of 25,000 shares each.

Funde Sino Life Insurance Co Ltd acquired a new position in shares of Bitdeer Technologies Group (NASDAQ:BTDR - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 10,466,627 shares of the company's stock, valued at approximately $109,795,000. Bitdeer Technologies Group comprises about 59.2% of Funde Sino Life Insurance Co Ltd's investment portfolio, making the stock its largest holding. Funde Sino Life Insurance Co Ltd owned approximately 4.60% of Bitdeer Technologies Group at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in shares of Bitdeer Technologies Group by 57.3% during the 2nd quarter. GAMMA Investing LLC now owns 2,476 shares of the company's stock worth $39,000 after purchasing an additional 902 shares during the period. SBI Securities Co. Ltd. lifted its stake in shares of Bitdeer Technologies Group by 80.7% in the third quarter. SBI Securities Co. Ltd. now owns 4,621 shares of the company's stock valued at $48,000 after buying an additional 2,064 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Bitdeer Technologies Group by 9.5% in the first quarter. The Manufacturers Life Insurance Company now owns 33,940 shares of the company's stock valued at $294,000 after buying an additional 2,950 shares during the period. Activest Wealth Management grew its position in Bitdeer Technologies Group by 150.0% during the third quarter. Activest Wealth Management now owns 5,000 shares of the company's stock worth $52,000 after buying an additional 3,000 shares in the last quarter. Finally, FNY Investment Advisers LLC acquired a new stake in Bitdeer Technologies Group during the second quarter worth about $66,000. Institutional investors own 22.25% of the company's stock.

Bitdeer Technologies Group Trading Up 13.2%

NASDAQ:BTDR traded up $0.70 on Friday, hitting $6.01. 13,226,962 shares of the stock were exchanged, compared to its average volume of 9,914,036. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.01 and a current ratio of 1.01. Bitdeer Technologies Group has a 52 week low of $5.03 and a 52 week high of $23.30. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of -1.96 and a beta of 2.72. The company's 50-day moving average price is $9.78 and its 200 day moving average price is $11.51.

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

Insider Buying and Selling

In related news, CFO Michael Potter purchased 25,000 shares of the business's stock in a transaction on Wednesday, August 12th. The shares were purchased at an average price of $9.04 per share, with a total value of $226,000.00. Following the completion of the purchase, the chief financial officer owned 25,000 shares in the company, valued at $226,000. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Haris Basit acquired 25,000 shares of the stock in a transaction dated 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 transaction, the insider directly owned 35,000 shares of the company's stock, valued at $309,400. This represents a 250.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Wall Street Analyst Weigh In

Several research analysts recently commented on BTDR shares. Rosenblatt Securities reaffirmed a "buy" rating and issued a $25.00 target price on shares of Bitdeer Technologies Group in a research report on Tuesday, September 15th. Cantor Fitzgerald restated an "overweight" rating on shares of Bitdeer Technologies Group in a research note on Monday, October 26th. Needham & Company LLC reduced their price objective on shares of Bitdeer Technologies Group from $22.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, August 11th. Keefe, Bruyette & Woods decreased their target price on shares of Bitdeer Technologies Group from $14.00 to $10.00 and set a "market perform" rating on the stock in a research report on Thursday, August 13th. Finally, B. Riley Financial lowered their target price on shares of Bitdeer Technologies Group from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Friday, October 30th. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $21.60.

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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