Bitdeer Technologies Group (NASDAQ:BTDR) Stock Has Average Price Target of $24.00 According to Analysts

Bitdeer Technologies Group (NASDAQ:BTDR) has been given an average recommendation of “Moderate Buy” by the fifteen brokerages that are covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $24.00.

Several research firms recently issued reports on BTDR. Citizens Jmp assumed coverage on Bitdeer Technologies Group in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $35.00 price objective on the stock. B. Riley Financial dropped their price objective on shares of Bitdeer Technologies Group from $23.00 to $21.00 and set a “buy” rating for the company in a report on Thursday, August 13th. Needham & Company LLC cut their price target on shares of Bitdeer Technologies Group from $22.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, August 11th. Benchmark restated a “buy” rating on shares of Bitdeer Technologies Group in a research report on Tuesday, August 11th. Finally, Barclays began coverage on shares of Bitdeer Technologies Group in a report on Thursday, August 20th. They issued an “overweight” rating and a $15.00 price objective on the stock.

Bitdeer Technologies Group Price Performance

NASDAQ:BTDR opened at $10.49 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.20. Bitdeer Technologies Group has a 52 week low of $6.92 and a 52 week high of $27.80. The stock’s 50-day moving average price is $10.99 and its 200-day moving average price is $12.48. The stock has a market capitalization of $2.39 billion, a PE ratio of -3.43 and a beta of 2.51.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its earnings results on Tuesday, June 30th. The company reported ($0.37) earnings per share for the quarter. The business had revenue of $228.78 million for the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. As a group, equities analysts expect that Bitdeer Technologies Group will post -1.72 EPS for the current fiscal year.

Insider Activity at Bitdeer Technologies Group

In related news, insider Haris Basit purchased 25,000 shares of the business’s stock in a transaction on Friday, August 14th. The shares were bought at an average price of $8.84 per share, for a total transaction of $221,000.00. Following the acquisition, the insider directly owned 35,000 shares in the company, valued at $309,400. This trade represents a 250.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Michael G. Potter bought 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The shares were purchased at an average price of $9.04 per share, for a total transaction of $226,000.00. Following the completion of 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 position. Additional details regarding this purchase are available in the official SEC disclosure.

Hedge Funds Weigh In On Bitdeer Technologies Group

Large investors have recently bought and sold shares of the business. Bank of America Corp DE increased its holdings in Bitdeer Technologies Group by 1,366.7% during the 1st quarter. Bank of America Corp DE now owns 3,227,585 shares of the company’s stock valued at $27,919,000 after acquiring an additional 3,007,523 shares in the last quarter. Situational Awareness LP lifted its position in Bitdeer Technologies Group by 92.4% during the first quarter. Situational Awareness LP now owns 3,439,450 shares of the company’s stock worth $29,751,000 after buying an additional 1,651,450 shares during the period. Bank of Nova Scotia lifted its position in Bitdeer Technologies Group by 91.1% during the first quarter. Bank of Nova Scotia now owns 1,369,447 shares of the company’s stock worth $11,846,000 after buying an additional 652,874 shares during the period. Capital Research Global Investors acquired a new stake in shares of Bitdeer Technologies Group in the fourth quarter worth approximately $6,009,000. Finally, BlueCrest Capital Management Ltd increased its holdings in shares of Bitdeer Technologies Group by 5,167.0% during the 2nd quarter. BlueCrest Capital Management Ltd now owns 506,700 shares of the company’s stock worth $8,041,000 after buying an additional 516,700 shares during the last quarter. Hedge funds and other institutional investors own 22.25% of the company’s stock.

About Bitdeer Technologies Group

Bitdeer Technologies Group (NASDAQ: BTDR) is a technology company focused on blockchain and high-performance computing infrastructure. Its primary business is cryptocurrency mining, including self-mining, hash rate sharing and mining machine hosting services. The company provides customers with access to mining capacity, data-center infrastructure and related operational support.

Bitdeer also designs and develops application-specific integrated circuit (ASIC) mining machines through its SEALMINER product line.