Bitdeer Technologies Group (NASDAQ:BTDR) Shares Climb 9.3% – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR) was up 9.3% on Wednesday. The company traded as high as $7.01 and last traded at $7.0040. Approximately 1,149,782 shares were traded during trading, a decline of 88% from the average daily volume of 9,733,580 shares. The stock had previously closed at $6.41.

Latest Bitdeer Technologies Group News

These are some of the BTDR news items that stood out recently:

• Positive Sentiment: Bitdeer reported record third-quarter revenue of $320.7 million, up 89% year over year and above estimates. Adjusted EBITDA rose 173% to $69.6 million, pointing to substantial business growth. Bitdeer Q3 results
• Positive Sentiment: The company said crypto-mining infrastructure capital spending will be at or below $200 million, while the first phase of its Tydal project remains on track for year-end delivery. Cost discipline and execution could support investor confidence. Capex and Tydal update
• Negative Sentiment: Despite the revenue beat, Bitdeer lost $0.46 per share, worse than the expected $0.33 loss. The earnings shortfall and continued losses may explain why strong sales growth did not translate into an unambiguously positive market reaction. Q3 earnings report

Wall Street Analyst Weigh In

BTDR has been the topic of several recent research reports. B. Riley Financial lowered their target price on shares of Bitdeer Technologies Group from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Friday, October 30th. HC Wainwright reiterated a “buy” rating on shares of Bitdeer Technologies Group in a research note on Wednesday. Benchmark reiterated a “buy” rating on shares of Bitdeer Technologies Group in a research report on Tuesday, August 11th. Barclays dropped their target price on Bitdeer Technologies Group from $17.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Weiss Ratings downgraded Bitdeer Technologies Group from a “hold (c-)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Bitdeer Technologies Group presently has a consensus rating of “Moderate Buy” and an average price target of $21.10.

Bitdeer Technologies Group Trading Up 10.3%

The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $1.61 billion, a price-to-earnings ratio of -2.31 and a beta of 2.72. The business’s 50 day moving average price is $9.62 and its 200-day moving average price is $11.43.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its quarterly earnings data on Tuesday, November 10th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($0.13). The firm had revenue of $320.75 million for the quarter, compared to analyst estimates of $258.18 million. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. The firm’s quarterly revenue was up 89.0% on a year-over-year basis. During the same period in the prior year, the company earned ($1.28) earnings per share. On average, research analysts forecast that Bitdeer Technologies Group will post -1.68 EPS for the current year.

Insider Activity

In other news, insider Haris Basit bought 25,000 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was bought at an average price of $8.84 per share, with a total value of $221,000.00. Following the acquisition, the insider 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 filing with the Securities & Exchange Commission, which is available through this link.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of hedge funds have recently bought and sold shares of the business. Yong Rong HK Asset Management Ltd acquired a new stake in Bitdeer Technologies Group during the 3rd quarter worth $22,029,000. Russell Investments Group Ltd. grew its stake in Bitdeer Technologies Group by 44.6% during the third quarter. Russell Investments Group Ltd. now owns 149,830 shares of the company’s stock worth $1,572,000 after buying an additional 46,224 shares during the period. Fund Resources Investment Holding Group Co Ltd bought a new position in shares of Bitdeer Technologies Group during the third quarter worth about $8,353,000. Funde Sino Life Insurance Co Ltd acquired a new position in Bitdeer Technologies Group in the 3rd quarter worth approximately $109,795,000. Finally, CenterBook Partners LP bought a new stake in Bitdeer Technologies Group in the third quarter worth $397,000. 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. Its business includes operating mining data centers, mining digital assets for its own account, and providing hosting services that allow customers to deploy and operate mining equipment. The company also develops and sells cryptocurrency mining machines and offers cloud hash rate services, which provide customers access to computing capacity for mining without requiring them to operate the equipment themselves.