Bitdeer Technologies Group (NASDAQ:BTDR) Stock Has Average Price Target of $21.80

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) have received an average rating of “Moderate Buy” from the thirteen brokerages that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and ten have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $21.80.

BTDR has been the subject of a number of research analyst reports. Barclays increased their target price on Bitdeer Technologies Group from $15.00 to $17.00 and gave the company an “overweight” rating in a report on Friday, October 9th. Benchmark restated a “buy” rating on shares of Bitdeer Technologies Group in a research note on Tuesday, August 11th. Keefe, Bruyette & Woods decreased their target price on Bitdeer Technologies Group from $14.00 to $10.00 and set a “market perform” rating on the stock in a report on Thursday, August 13th. Needham & Company LLC reduced their price target on Bitdeer Technologies Group from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, August 11th. Finally, B. Riley Financial lowered their target price on 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.

Insiders Place Their Bets

In other news, insider Haris Basit bought 25,000 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were acquired at an average cost of $8.84 per share, for a total transaction of $221,000.00. Following the completion of the acquisition, the insider 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 acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Michael Potter acquired 25,000 shares of the company’s stock in a transaction on Wednesday, August 12th. The stock was acquired at an average price of $9.04 per share, for a total transaction of $226,000.00. Following the purchase, the chief financial officer directly owned 25,000 shares of the company’s stock, valued at approximately $226,000. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Hedge Funds Weigh In On Bitdeer Technologies Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE raised its stake in 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 worth $27,919,000 after acquiring an additional 3,007,523 shares in the last quarter. Q Fund Management Hong Kong Ltd bought a new position in Bitdeer Technologies Group during the 3rd quarter worth approximately $3,321,000. Situational Awareness LP lifted its holdings in 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 buying an additional 1,651,450 shares during the period. Engineers Gate Manager LP bought a new stake in shares of Bitdeer Technologies Group during the 2nd quarter valued at about $2,115,000. Finally, Bank of Nova Scotia increased its stake in shares of 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 valued at $11,846,000 after acquiring an additional 652,874 shares in the last quarter. Institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Price Performance

BTDR stock opened at $6.96 on Wednesday. The firm has a market cap of $1.58 billion, a PE ratio of -2.27 and a beta of 2.56. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a 50 day simple moving average of $10.55 and a 200 day simple moving average of $12.53. Bitdeer Technologies Group has a 12 month low of $6.78 and a 12 month high of $25.28.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its earnings results on Tuesday, June 30th. The company reported ($0.37) earnings per share (EPS) for the quarter. The company 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 research analysts forecast that Bitdeer Technologies Group will post -1.68 earnings per share for the current fiscal year.

Bitdeer Technologies Group Company Profile

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.