Stock Traders Buy High Volume of Call Options on Bitdeer Technologies Group (NASDAQ:BTDR)

Key Points

• Traders bought 49,889 BTDR call options on Monday, 54% above the average call-option volume.
• Bitdeer’s CFO and another insider each bought 25,000 shares in August. Institutional investors also increased or opened positions, and now own 22.25% of the stock.
• Shares rose 6.7% Monday to $6.42. Analysts’ consensus rating is Moderate Buy, with a $21.60 average price target, though the stock remains well below its 52-week high of $23.30.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) was the recipient of unusually large options trading activity on Monday. Traders bought 49,889 call options on the stock. This is an increase of 54% compared to the average volume of 32,326 call options.

Insider Activity at Bitdeer Technologies Group

In other news, CFO Michael Potter bought 25,000 shares of the firm's 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 completion of the purchase, the chief financial officer directly owned 25,000 shares in the company, valued at $226,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, insider Haris Basit acquired 25,000 shares of Bitdeer Technologies Group stock in a transaction on Friday, August 14th. The shares were 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 in the company, valued at approximately $309,400. This trade represents a 250.00% increase in their position. The disclosure for this purchase is available in the SEC filing.

Institutional Investors Weigh In On Bitdeer Technologies Group

Institutional investors have recently made changes to their positions in the stock. Funde Sino Life Insurance Co Ltd purchased a new position in shares of Bitdeer Technologies Group during the 3rd quarter worth $109,795,000. Situational Awareness LP grew its holdings in 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 buying an additional 1,651,450 shares in the last quarter. Bank of America Corp DE lifted its position 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 worth $27,919,000 after purchasing an additional 3,007,523 shares during the period. Bank of Nova Scotia raised its position in shares of Bitdeer Technologies Group by 91.1% during the first 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 during the period. Finally, Fund Resources Investment Holding Group Co Ltd purchased a new stake in shares of Bitdeer Technologies Group in the third quarter valued at $8,353,000. 22.25% of the stock is currently owned by hedge funds and other institutional investors.

Bitdeer Technologies Group Trading Up 6.7%

BTDR traded up $0.41 on Monday, hitting $6.42. The company had a trading volume of 4,565,604 shares, compared to its average volume of 9,740,986. Bitdeer Technologies Group has a 1 year low of $5.03 and a 1 year high of $23.30. 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 company's fifty day moving average price is $9.78 and its 200 day moving average price is $11.51. The firm has a market cap of $1.46 billion, a P/E ratio of -2.10 and a beta of 2.72.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last announced its earnings results on Tuesday, June 30th. The company reported ($0.37) EPS for the quarter. The firm 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%. As a group, equities analysts expect that Bitdeer Technologies Group will post -1.68 earnings per share for the current year.

Wall Street Analyst Weigh In

BTDR has been the subject of several recent research reports. B. Riley Financial cut their target price on shares of Bitdeer Technologies Group from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Friday, October 30th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Bitdeer Technologies Group in a report on Monday, October 26th. Rosenblatt Securities reissued a "buy" rating and issued a $25.00 price target on shares of Bitdeer Technologies Group in a research report on Tuesday, September 15th. HC Wainwright restated a "buy" rating on shares of Bitdeer Technologies Group in a research note on Friday, October 2nd. Finally, Wall Street Zen upgraded Bitdeer Technologies Group from a "strong sell" rating to a "sell" rating in a research note on Saturday, October 31st. Ten equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Bitdeer Technologies Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $21.60.

About Bitdeer Technologies Group

Bitdeer Technologies Group is a technology company focused on cryptocurrency mining and related infrastructure. Its business includes operating mining data centers, mining digital assets for its own account, and providing hosting services that allow customers to deploy and operate mining equipment.

The company also develops and sells cryptocurrency mining machines and offers cloud hash rate services, which provide customers access to computing capacity for mining without requiring them to operate the equipment themselves.

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