Bitdeer Technologies Group (NASDAQ:BTDR) Shares Up 11.5% – Still a Buy?

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) traded up 11.5% during trading on Wednesday . The stock traded as high as $10.02 and last traded at $10.0350. 10,471,171 shares traded hands during mid-day trading, an increase of 13% from the average session volume of 9,291,527 shares. The stock had previously closed at $9.00.

Analysts Set New Price Targets

Several equities research analysts have issued reports on BTDR shares. Barclays initiated coverage on shares of Bitdeer Technologies Group in a report on Thursday. They issued an “overweight” rating and a $15.00 price target on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Bitdeer Technologies Group in a report on Thursday, August 13th. Benchmark reiterated a “buy” rating on shares of Bitdeer Technologies Group in a research report on Tuesday, August 11th. Wall Street Zen cut shares of Bitdeer Technologies Group from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 2nd. 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 for the company in a research note on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

Bitdeer Technologies Group Stock Performance

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 has a fifty day simple moving average of $12.90 and a 200-day simple moving average of $12.05. The company has a market capitalization of $2.37 billion, a P/E ratio of -3.41 and a beta of 2.50.

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 firm had revenue of $228.78 million during the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. Equities analysts forecast that Bitdeer Technologies Group will post -1.54 EPS for the current year.

Insider Transactions at Bitdeer Technologies Group

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

Institutional Investors Weigh In On Bitdeer Technologies Group

Large investors have recently bought and sold shares of the business. Bank of America Corp DE grew its stake in shares of Bitdeer Technologies Group by 1,366.7% during the first quarter. Bank of America Corp DE now owns 3,227,585 shares of the company’s stock valued at $27,919,000 after purchasing an additional 3,007,523 shares during the last quarter. Situational Awareness LP increased its holdings in shares of Bitdeer Technologies Group by 92.4% in the first quarter. Situational Awareness LP now owns 3,439,450 shares of the company’s stock valued at $29,751,000 after purchasing an additional 1,651,450 shares in the last quarter. Bank of Nova Scotia raised its position in Bitdeer Technologies Group by 91.1% in the 1st quarter. Bank of Nova Scotia now owns 1,369,447 shares of the company’s stock worth $11,846,000 after purchasing an additional 652,874 shares during the last quarter. Renaissance Technologies LLC bought a new position in Bitdeer Technologies Group in the 1st quarter worth approximately $2,048,000. Finally, Fund Resources Investment Holding Group Co Ltd acquired a new position in Bitdeer Technologies Group during the 4th quarter worth $102,732,000. 22.25% of the stock is currently owned by institutional investors.

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.