Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Up - Time to Buy?

Key Points

• BTDR shares jumped at the open, from a prior close of $5.31 to $5.84, and were last reported at $5.61; the article also reports a 7.8% gain.
• Analyst sentiment is mostly positive: 10 of 13 analysts rate the stock a Buy, producing a “Moderate Buy” consensus and a $21.60 average price target. Ratings are mixed, however, including one Sell and a recent price-target cut to $10.
• Financial results remain weak: Bitdeer reported a quarterly loss of $0.37 per share, a negative 55.15% net margin, and analysts expect a full-year loss of $1.68 per share. Two company insiders recently bought 25,000 shares each.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) gapped up before the market opened on Friday. The stock had previously closed at $5.31, but opened at $5.84. Bitdeer Technologies Group shares last traded at $5.6080, with a volume of 3,456,363 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Bitdeer Technologies Group in a report on Monday, October 26th. Rosenblatt Securities reissued a "buy" rating and set a $25.00 price target on shares of Bitdeer Technologies Group in a report on Tuesday, September 15th. Benchmark restated a "buy" rating on shares of Bitdeer Technologies Group in a research report on Tuesday, August 11th. Weiss Ratings lowered shares of Bitdeer Technologies Group from a "hold (c-)" rating to a "sell (d-)" rating in a research report on Friday, October 2nd. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Bitdeer Technologies Group from $14.00 to $10.00 and set a "market perform" rating on the stock in a research note on Thursday, August 13th. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $21.60.

Bitdeer Technologies Group Trading Up 7.8%

The business's fifty day simple moving average is $9.89 and its 200 day simple moving average is $11.55. 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 stock has a market cap of $1.30 billion, a P/E ratio of -1.86 and a beta of 2.72.

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

Insider Activity at Bitdeer Technologies Group

In related news, insider Haris Basit purchased 25,000 shares of the firm's stock in a transaction dated Friday, August 14th. The shares were acquired at an average cost of $8.84 per share, with a total value of $221,000.00. Following the completion of the purchase, 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 ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michael Potter purchased 25,000 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was bought at an average cost of $9.04 per share, with a total value 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 represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Funde Sino Life Insurance Co Ltd acquired a new position in shares of Bitdeer Technologies Group during the third quarter valued at $109,795,000. Bank of America Corp DE increased 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. Situational Awareness LP raised its holdings in Bitdeer Technologies Group by 92.4% during the 1st quarter. Situational Awareness LP now owns 3,439,450 shares of the company's stock worth $29,751,000 after purchasing an additional 1,651,450 shares during the last quarter. Fund Resources Investment Holding Group Co Ltd bought a new stake in Bitdeer Technologies Group during the 3rd quarter worth about $8,353,000. Finally, Bank of Nova Scotia raised its holdings in Bitdeer Technologies Group by 91.1% during the 1st 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 last quarter. 22.25% of the stock is currently owned by institutional investors.

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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