Traders Buy Large Volume of Call Options on Bitdeer Technologies Group (NASDAQ:BTDR)

Bitdeer Technologies Group (NASDAQ:BTDR) was the recipient of some unusual options trading on Wednesday. Stock investors bought 78,564 call options on the stock. This represents an increase of approximately 257% compared to the average daily volume of 21,989 call options.

Bitdeer Technologies Group Stock Down 4.4%

Shares of NASDAQ BTDR traded down $0.64 during mid-day trading on Wednesday, reaching $13.93. The company had a trading volume of 2,464,962 shares, compared to its average volume of 5,869,568. The firm has a 50 day simple moving average of $11.87 and a two-hundred day simple moving average of $14.88. Bitdeer Technologies Group has a 52-week low of $6.84 and a 52-week high of $27.80. The company has a current ratio of 0.90, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. The stock has a market cap of $2.95 billion, a P/E ratio of -2.48 and a beta of 2.33.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its earnings results on Monday, November 10th. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($1.06). The business had revenue of $169.71 million during the quarter, compared to analysts’ expectations of $151.80 million. Bitdeer Technologies Group had a negative net margin of 115.59% and a negative return on equity of 91.31%. Bitdeer Technologies Group’s quarterly revenue was up 173.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.35) earnings per share. Sell-side analysts predict that Bitdeer Technologies Group will post -0.73 earnings per share for the current year.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE lifted its stake in shares of Bitdeer Technologies Group by 67.5% during the second quarter. Bank of America Corp DE now owns 6,337,339 shares of the company’s stock worth $72,753,000 after purchasing an additional 2,553,093 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Bitdeer Technologies Group by 197.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,592,504 shares of the company’s stock valued at $18,280,000 after purchasing an additional 1,057,552 shares in the last quarter. Azora Capital LP purchased a new position in shares of Bitdeer Technologies Group during the 3rd quarter valued at approximately $23,817,000. Value Aligned Research Advisors LLC boosted its stake in shares of Bitdeer Technologies Group by 65.6% during the 3rd quarter. Value Aligned Research Advisors LLC now owns 1,378,789 shares of the company’s stock valued at $23,564,000 after buying an additional 546,280 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Bitdeer Technologies Group by 31.3% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 995,128 shares of the company’s stock worth $17,007,000 after buying an additional 237,264 shares in the last quarter. 22.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on BTDR. Benchmark reaffirmed a “buy” rating on shares of Bitdeer Technologies Group in a report on Monday, October 20th. Jones Trading initiated coverage on shares of Bitdeer Technologies Group in a research report on Monday, October 6th. They issued a “buy” rating and a $32.00 target price for the company. Rosenblatt Securities set a $5.90 price objective on Bitdeer Technologies Group in a research report on Wednesday, January 14th. HC Wainwright dropped their target price on Bitdeer Technologies Group from $32.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Finally, Cantor Fitzgerald cut their target price on Bitdeer Technologies Group to $34.00 and set an “overweight” rating for the company in a research note on Tuesday, December 16th. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Bitdeer Technologies Group presently has a consensus rating of “Moderate Buy” and an average price target of $27.26.

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.