Bitdeer Technologies Group (NASDAQ:BTDR) Trading 4.4% Higher – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price shot up 4.4% on Monday . The stock traded as high as $10.87 and last traded at $10.77. 5,669,061 shares traded hands during trading, a decline of 41% from the average daily volume of 9,580,104 shares. The stock had previously closed at $10.32.

Analyst Ratings Changes

Several research firms have commented on BTDR. Zacks Research raised shares of Bitdeer Technologies Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Needham & Company LLC reduced their target price on shares of Bitdeer Technologies Group from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, August 11th. Rosenblatt Securities raised their target price on shares of Bitdeer Technologies Group from $18.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Citizens Jmp assumed coverage on shares of Bitdeer Technologies Group in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $35.00 price target for the company. Finally, B. Riley Financial cut their price target on shares of Bitdeer Technologies Group from $23.00 to $21.00 and set a “buy” rating on the stock in a report on Thursday, August 13th. Twelve investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.00.

Bitdeer Technologies Group Trading Up 4.5%

The stock has a fifty day moving average of $12.06 and a 200-day moving average of $11.98. The company has a market cap of $2.45 billion, a PE ratio of -3.52 and a beta of 2.50. 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 released its earnings results on Tuesday, June 30th. The company reported ($0.37) earnings per share for the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%.The business had revenue of $228.78 million during the quarter. Sell-side analysts anticipate that Bitdeer Technologies Group will post -1.72 EPS for the current fiscal year.

Insider Activity

In related news, CFO Michael G. Potter acquired 25,000 shares of the stock in a transaction on Wednesday, August 12th. The stock was bought at an average cost of $9.04 per share, with a total value of $226,000.00. Following the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Haris Fozan Basit bought 25,000 shares of the company’s stock in a transaction on Friday, August 14th. The stock was bought at an average price of $8.84 per share, for a total transaction of $221,000.00. Following the completion of the purchase, the insider directly owned 35,000 shares in the company, valued at approximately $309,400. This represents a 250.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

Institutional Trading of Bitdeer Technologies Group

A number of large investors have recently modified their holdings of BTDR. Empowered Funds LLC bought a new stake in Bitdeer Technologies Group during the 4th quarter valued at $34,000. GAMMA Investing LLC increased its stake in shares of Bitdeer Technologies Group by 57.3% during the second quarter. GAMMA Investing LLC now owns 2,476 shares of the company’s stock valued at $39,000 after buying an additional 902 shares during the period. Kestra Advisory Services LLC bought a new stake in shares of Bitdeer Technologies Group in the fourth quarter valued at about $39,000. Hollencrest Capital Management bought a new stake in shares of Bitdeer Technologies Group in the first quarter valued at about $43,000. Finally, FNY Investment Advisers LLC bought a new stake in shares of Bitdeer Technologies Group in the second quarter valued at about $66,000. Hedge funds and other institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group Inc (NASDAQ:BTDR) is a global digital asset mining and computing services provider focused on delivering secure and efficient hashrate solutions to institutional and retail customers. The company leverages its proprietary mining platform to offer hosted mining, hashrate sales and management services, enabling clients to access large-scale mining operations without direct investment in hardware or infrastructure.

Bitdeer’s core offerings include mining hosting services, whereby the firm installs, operates and maintains specialized mining equipment on behalf of customers, and hashrate-as-a-service products that provide fixed-capacity mining power with transparent pricing structures.