Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Target Cut by B. Riley Financial

Bitdeer Technologies Group (NASDAQ:BTDR) had its price target cut by stock analysts at B. Riley Financial from $21.00 to $19.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley Financial‘s target price indicates a potential upside of 176.48% from the stock’s current price.

Several other equities research analysts have also issued reports on BTDR. Cantor Fitzgerald reiterated an “overweight” rating on shares of Bitdeer Technologies Group in a research report on Monday. Barclays lifted their price objective on shares of Bitdeer Technologies Group from $15.00 to $17.00 and gave the stock an “overweight” rating in a report on Friday, October 9th. HC Wainwright reissued a “buy” rating on shares of Bitdeer Technologies Group in a research note on Friday, October 2nd. Weiss Ratings lowered Bitdeer Technologies Group from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. Finally, Needham & Company LLC dropped their target price on Bitdeer Technologies Group from $22.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, August 11th. Ten analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $21.60.

Bitdeer Technologies Group Price Performance

Shares of NASDAQ BTDR opened at $6.87 on Friday. The firm has a market capitalization of $1.56 billion, a P/E ratio of -2.26 and a beta of 2.56. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.20. The stock’s 50-day simple moving average is $10.35 and its two-hundred day simple moving average is $11.75. Bitdeer Technologies Group has a twelve month low of $6.64 and a twelve month high of $24.30.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its quarterly earnings results 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 business had revenue of $228.78 million during the quarter. As a group, equities analysts anticipate that Bitdeer Technologies Group will post -1.68 EPS for the current fiscal year.

Insider Activity at Bitdeer Technologies Group

In related news, insider Haris Basit purchased 25,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average price of $8.84 per share, for a total transaction of $221,000.00. Following the purchase, the insider directly owned 35,000 shares of the company’s stock, valued at approximately $309,400. This represents a 250.00% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael G. Potter purchased 25,000 shares of the company’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 purchase, the chief financial officer owned 25,000 shares in the company, valued at $226,000. This represents a ? increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in BTDR. SBI Securities Co. Ltd. boosted its holdings in shares of Bitdeer Technologies Group by 80.7% in the third quarter. SBI Securities Co. Ltd. now owns 4,621 shares of the company’s stock worth $48,000 after buying an additional 2,064 shares during the last quarter. Vontobel Holding Ltd. increased its holdings in Bitdeer Technologies Group by 89.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 21,677 shares of the company’s stock worth $227,000 after acquiring an additional 10,238 shares in the last quarter. Activest Wealth Management raised its position in shares of Bitdeer Technologies Group by 150.0% during the 3rd quarter. Activest Wealth Management now owns 5,000 shares of the company’s stock valued at $52,000 after purchasing an additional 3,000 shares during the period. Q Fund Management Hong Kong Ltd bought a new position in Bitdeer Technologies Group in the 3rd quarter worth $3,321,000. Finally, GAMMA Investing LLC increased its stake in Bitdeer Technologies Group by 58.6% in the 3rd 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. Hedge funds and other institutional investors own 22.25% of the company’s stock.

About Bitdeer Technologies Group

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.