Bitdeer Technologies Group (NASDAQ:BTDR) Shares Climb 9.6% – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price rose 9.6% during mid-day trading on Tuesday. The stock traded as high as $6.70 and last traded at $6.7640. 780,443 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 9,660,268 shares. The stock had previously closed at $6.17.

Wall Street Analyst Weigh In

Several equities analysts recently commented on BTDR shares. Barclays upped their price target on shares of Bitdeer Technologies Group from $15.00 to $17.00 and gave the company an “overweight” rating in a report on Friday, October 9th. Rosenblatt Securities reissued a “buy” rating and issued a $25.00 price objective on shares of Bitdeer Technologies Group in a research note on Tuesday, September 15th. Benchmark restated a “buy” rating on shares of Bitdeer Technologies Group in a research report on Tuesday, August 11th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bitdeer Technologies Group in a research note on Monday, October 26th. Finally, Wall Street Zen upgraded Bitdeer Technologies Group from a “strong sell” rating to a “sell” rating in a report on Saturday, October 31st. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from 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

The firm has a market capitalization of $1.21 billion, a P/E ratio of -1.74 and a beta of 2.72. The stock’s 50 day simple moving average is $10.00 and its 200 day simple moving average is $11.60. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.01 and a current ratio of 1.01.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its quarterly earnings results on Tuesday, June 30th. The company reported ($0.37) earnings per share (EPS) for the quarter. Bitdeer Technologies Group had a negative net margin of 55.15% and a negative return on equity of 54.72%. The firm had revenue of $228.78 million during the quarter. As a group, analysts expect that Bitdeer Technologies Group will post -1.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Michael Potter bought 25,000 shares of the stock in a transaction on Wednesday, August 12th. The stock was acquired at an average cost 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. This represents a ? increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Haris Basit purchased 25,000 shares of the company’s stock in a transaction dated 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 directly owned 35,000 shares in the company, valued at approximately $309,400. This represents a 250.00% increase in their position. The SEC filing for this purchase provides additional information.

Institutional Trading of Bitdeer Technologies Group

A number of hedge funds have recently added to or reduced their stakes in BTDR. GAMMA Investing LLC raised its stake in Bitdeer Technologies Group by 57.3% in the second quarter. GAMMA Investing LLC now owns 2,476 shares of the company’s stock worth $39,000 after buying an additional 902 shares in the last quarter. SBI Securities Co. Ltd. lifted its holdings in Bitdeer Technologies Group by 80.7% during 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 period. The Manufacturers Life Insurance Company lifted its holdings in Bitdeer Technologies Group by 9.5% during the first quarter. The Manufacturers Life Insurance Company now owns 33,940 shares of the company’s stock worth $294,000 after buying an additional 2,950 shares during the period. Activest Wealth Management boosted its position in 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 acquiring an additional 3,000 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in Bitdeer Technologies Group during the 2nd quarter valued at $66,000. 22.25% of the stock is owned by hedge funds and other institutional investors.

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.