Bitdeer Technologies Group (NASDAQ:BTDR) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) have been assigned an average recommendation of “Moderate Buy” from the fifteen research firms that are currently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $24.00.

Several research analysts have commented on the stock. Barclays began coverage on shares of Bitdeer Technologies Group in a report on Thursday, August 20th. They set an “overweight” rating and a $15.00 price objective for the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $25.00 target price on shares of Bitdeer Technologies Group in a report on Tuesday, September 15th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Bitdeer Technologies Group in a research report on Thursday, August 13th. Needham & Company LLC dropped their price target on Bitdeer Technologies Group from $22.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, August 11th. Finally, Benchmark reissued a “buy” rating on shares of Bitdeer Technologies Group in a research note on Tuesday, August 11th.

Insider Buying and Selling

In other Bitdeer Technologies Group news, insider Haris Basit purchased 25,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average price 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 in the company, valued at $309,400. This trade represents a 250.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Michael G. Potter acquired 25,000 shares of the company’s stock in a transaction on Wednesday, August 12th. The stock was acquired 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 approximately $226,000. This represents a ? increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several institutional investors have recently modified their holdings of BTDR. BlueCrest Capital Management Ltd boosted its stake in Bitdeer Technologies Group by 5,167.0% during the second quarter. BlueCrest Capital Management Ltd now owns 506,700 shares of the company’s stock worth $8,041,000 after buying an additional 516,700 shares during the period. WINTON GROUP Ltd lifted its holdings in shares of 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. Engineers Gate Manager LP purchased a new position in shares of Bitdeer Technologies Group during the 2nd quarter worth about $2,115,000. Integrated Wealth Concepts LLC purchased a new position in shares of Bitdeer Technologies Group during the 2nd quarter worth about $100,000. Finally, Spark Investment Management LLC bought a new position in Bitdeer Technologies Group during the 2nd quarter valued at about $241,000. 22.25% of the stock is owned by institutional investors.

Bitdeer Technologies Group Trading Up 3.6%

Bitdeer Technologies Group stock opened at $11.02 on Friday. Bitdeer Technologies Group has a 1 year low of $6.92 and a 1 year high of $27.80. The firm’s 50 day moving average price is $10.94 and its 200-day moving average price is $12.49. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a market cap of $2.51 billion, a P/E ratio of -3.60 and a beta of 2.56.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its earnings results on Tuesday, June 30th. The company reported ($0.37) earnings per share for the quarter. The company 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%. On average, equities analysts predict that Bitdeer Technologies Group will post -1.72 earnings per share for the current fiscal year.

About Bitdeer Technologies Group

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.