Bitdeer Technologies Group Target of Unusually Large Options Trading (NASDAQ:BTDR)

Bitdeer Technologies Group (NASDAQ:BTDR) was the target of some unusual options trading on Wednesday. Stock investors acquired 103,378 call options on the company. This represents an increase of approximately 86% compared to the average volume of 55,557 call options.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its stake in shares of Bitdeer Technologies Group by 167.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 483,022 shares of the company’s stock worth $4,265,000 after purchasing an additional 302,548 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Bitdeer Technologies Group by 39.0% in the 2nd quarter. Legal & General Group Plc now owns 73,541 shares of the company’s stock valued at $844,000 after buying an additional 20,640 shares in the last quarter. New York State Common Retirement Fund bought a new stake in shares of Bitdeer Technologies Group in the 2nd quarter valued at approximately $326,000. Invesco Ltd. increased its holdings in Bitdeer Technologies Group by 169.0% in the second quarter. Invesco Ltd. now owns 71,822 shares of the company’s stock worth $825,000 after buying an additional 45,120 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in Bitdeer Technologies Group in the second quarter worth approximately $1,558,000. 22.25% of the stock is owned by institutional investors and hedge funds.

Bitdeer Technologies Group Trading Up 24.7%

Bitdeer Technologies Group stock opened at $11.10 on Friday. Bitdeer Technologies Group has a 12 month low of $6.92 and a 12 month high of $27.80. The company has a quick ratio of 1.11, a current ratio of 1.85 and a debt-to-equity ratio of 1.88. The stock has a market cap of $2.61 billion, a P/E ratio of -3.22 and a beta of 2.47. The company’s fifty day simple moving average is $15.12 and its 200-day simple moving average is $12.50.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.21). The firm had revenue of $188.93 million for the quarter, compared to analysts’ expectations of $184.02 million. Bitdeer Technologies Group had a negative return on equity of 69.95% and a negative net margin of 68.11%.Bitdeer Technologies Group’s revenue was up 169.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.37) earnings per share. As a group, sell-side analysts forecast that Bitdeer Technologies Group will post -1.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

BTDR has been the subject of several research analyst reports. Needham & Company LLC increased their price objective on Bitdeer Technologies Group from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Keefe, Bruyette & Woods lowered their target price on Bitdeer Technologies Group from $17.00 to $14.00 and set a “market perform” rating on the stock in a research note on Tuesday. Cantor Fitzgerald upped their target price on Bitdeer Technologies Group from $11.00 to $15.00 and gave the company a “neutral” rating in a report on Friday, May 15th. Weiss Ratings raised shares of Bitdeer Technologies Group from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Monday, May 18th. Finally, Zacks Research raised shares of Bitdeer Technologies Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Ten equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $25.45.

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.