Q Fund Management Hong Kong Ltd Purchases 316,600 Shares of Bitdeer Technologies Group $BTDR

Key Points

• Q Fund Management Hong Kong purchased 316,600 Bitdeer shares worth approximately $3.32 million, making BTDR 3% of its portfolio and giving it roughly a 0.14% ownership stake.
• Institutional ownership stands at 22.25%, while several other funds also increased their positions. Two company insiders separately bought 25,000 shares each in August at prices below $9.05.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a consensus price target of $23.45, though BTDR recently traded at $9.21 and continues to report losses and negative profitability metrics.

Q Fund Management Hong Kong Ltd purchased a new stake in shares of Bitdeer Technologies Group (NASDAQ:BTDR - Free Report) in the third quarter, according to its most recent 13F filing with the SEC. The fund purchased 316,600 shares of the company's stock, valued at approximately $3,321,000. Bitdeer Technologies Group makes up 3.0% of Q Fund Management Hong Kong Ltd's investment portfolio, making the stock its 11th largest position. Q Fund Management Hong Kong Ltd owned approximately 0.14% of Bitdeer Technologies Group at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC raised its position in shares of Bitdeer Technologies Group by 58.6% in the third quarter. GAMMA Investing LLC now owns 3,928 shares of the company's stock worth $41,000 after buying an additional 1,452 shares in the last quarter. CoreCap Advisors LLC grew its position in Bitdeer Technologies Group by 467.5% during the third quarter. CoreCap Advisors LLC now owns 5,675 shares of the company's stock worth $60,000 after buying an additional 4,675 shares in the last quarter. BlueCrest Capital Management Ltd increased its stake in Bitdeer Technologies Group by 5,167.0% in the 2nd quarter. BlueCrest Capital Management Ltd now owns 506,700 shares of the company's stock worth $8,041,000 after acquiring an additional 516,700 shares during the last quarter. WINTON GROUP Ltd increased its stake in Bitdeer Technologies Group by 38.4% in the 2nd quarter. WINTON GROUP Ltd now owns 20,200 shares of the company's stock worth $321,000 after acquiring an additional 5,600 shares during the last quarter. Finally, Engineers Gate Manager LP bought a new position in Bitdeer Technologies Group in the 2nd quarter worth about $2,115,000. Institutional investors own 22.25% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on BTDR shares. B. Riley Financial dropped their price target on 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. Weiss Ratings lowered Bitdeer Technologies Group from a "hold (c-)" rating to a "sell (d-)" rating in a report on Friday, October 2nd. Cantor Fitzgerald upgraded shares of Bitdeer Technologies Group from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $15.00 to $18.00 in a research report on Wednesday, August 5th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $25.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, September 15th. Finally, Citizens Jmp began coverage on shares of Bitdeer Technologies Group in a research note on Wednesday, June 24th. They issued a "market outperform" rating and a $35.00 target price on the stock. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $23.45.

Bitdeer Technologies Group Stock Performance

NASDAQ BTDR opened at $9.21 on Wednesday. Bitdeer Technologies Group has a 52-week low of $6.92 and a 52-week high of $27.80. The company has a fifty day moving average of $10.85 and a 200-day moving average of $12.59. The company has a market capitalization of $2.09 billion, a P/E ratio of -3.01 and a beta of 2.56. 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 (NASDAQ:BTDR - Get Free Report) last released its earnings results 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 firm had revenue of $228.78 million during the quarter. As a group, equities research analysts predict that Bitdeer Technologies Group will post -1.68 EPS for the current fiscal year.

Insider Activity

In other news, CFO Michael Potter acquired 25,000 shares of the business's stock in a transaction dated Wednesday, August 12th. The stock was purchased at an average cost of $9.04 per share, for a total transaction of $226,000.00. Following the acquisition, the chief financial officer owned 25,000 shares of the company's stock, valued at $226,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Haris Basit acquired 25,000 shares of Bitdeer Technologies Group stock in a transaction dated Friday, August 14th. The shares were purchased at an average price of $8.84 per share, for a total transaction of $221,000.00. Following the completion of the transaction, the insider directly owned 35,000 shares in the company, valued at approximately $309,400. The trade was a 250.00% increase in their position. The SEC filing for this purchase provides additional information.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group is a Singapore-based technology company focused on cryptocurrency mining and high-performance computing. The company operates an integrated platform that includes digital asset mining, mining-machine hosting and hash-rate sharing services for institutional and individual customers.

Bitdeer also develops proprietary cryptocurrency-mining hardware under the SEALMINER brand. Its activities span the design, production and deployment of application-specific integrated circuit (ASIC) mining machines, as well as the operation of data centers that support its own mining activities and hosting customers.

The company operates data-center and mining infrastructure across multiple international markets, including North America, Europe and Asia.

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