Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Up 6.1% - What's Next?

Key Points

• Bitdeer shares rose 6.1% to approximately $11.93, although trading volume was 93% below the average daily level.
• Analysts maintain a positive outlook, with 12 Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $24.00; targets range from $21 to $35.
• The company remains unprofitable, reporting a quarterly loss of $0.37 per share, a negative 55.15% net margin and projected full-year EPS of -$1.72. Two insiders recently bought shares, while institutional investors own 22.25% of the stock.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s stock price traded up 6.1% on Friday . The stock traded as high as $11.81 and last traded at $11.9260. Approximately 669,826 shares changed hands during trading, a decline of 93% from the average daily volume of 9,552,868 shares. The stock had previously closed at $11.24.

Analysts Set New Price Targets

Several research firms have recently weighed in on BTDR. Citizens Jmp began coverage on Bitdeer Technologies Group in a research note on Wednesday, June 24th. They set a "market outperform" rating and a $35.00 price objective for the company. Zacks Research upgraded shares of Bitdeer Technologies Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, June 2nd. Weiss Ratings restated a "hold (c-)" rating on shares of Bitdeer Technologies Group in a research report on Thursday, August 13th. Rosenblatt Securities reissued a "buy" rating and set a $25.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday. Finally, B. Riley Financial decreased their target price 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. Twelve investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $24.00.

Bitdeer Technologies Group Trading Up 10.4%

The company's fifty day moving average is $11.00 and its 200-day moving average is $12.21. 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 firm has a market capitalization of $2.82 billion, a P/E ratio of -4.05 and a beta of 2.51.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last announced 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 during the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. As a group, sell-side analysts anticipate that Bitdeer Technologies Group will post -1.72 earnings per share for the current fiscal year.

Insider Activity at Bitdeer Technologies Group

In other news, insider Haris Basit acquired 25,000 shares of the firm's stock in a transaction on Friday, August 14th. The shares were purchased at an average cost of $8.84 per share, for a total transaction of $221,000.00. Following the transaction, the insider owned 35,000 shares of the company's stock, valued at approximately $309,400. This represents a 250.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael G. Potter purchased 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The stock was purchased at an average price 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. The trade was a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.

Institutional Trading of Bitdeer Technologies Group

Several institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE boosted its position in shares of Bitdeer Technologies Group by 1,366.7% during 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 in the last quarter. Situational Awareness LP grew its stake in shares of 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 acquiring an additional 1,651,450 shares in the last quarter. Bank of Nova Scotia boosted its stake in shares of 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 buying an additional 652,874 shares during the last quarter. Engineers Gate Manager LP bought a new position in shares of Bitdeer Technologies Group in the second quarter valued at $2,115,000. Finally, Renaissance Technologies LLC bought a new position in Bitdeer Technologies Group during the first quarter worth about $2,048,000. Institutional investors own 22.25% of the company's stock.

About Bitdeer Technologies Group

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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