Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Up 11.5% – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR) traded up 11.5% during mid-day trading on Wednesday . The company traded as high as $10.02 and last traded at $10.0350. Approximately 10,471,171 shares were traded 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

A number of equities analysts have issued reports on BTDR shares. Weiss Ratings restated a “hold (c-)” rating on shares of Bitdeer Technologies Group in a research report on Thursday, August 13th. Benchmark restated a “buy” rating on shares of Bitdeer Technologies Group in a research note on Tuesday, August 11th. B. Riley Financial decreased their price target 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. Keefe, Bruyette & Woods reduced their price objective on shares of Bitdeer Technologies Group from $14.00 to $10.00 and set a “market perform” rating for the company in a research report on Thursday, August 13th. Finally, Cantor Fitzgerald upgraded shares of Bitdeer Technologies Group from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $15.00 to $18.00 in a research report on Wednesday, August 5th. Eleven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.82.

Bitdeer Technologies Group Trading Up 8.3%

The stock has a market cap of $2.22 billion, a price-to-earnings ratio of -3.17 and a beta of 2.50. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.01 and a current ratio of 1.01. The business has a 50-day simple moving average of $13.18 and a two-hundred day simple moving average of $12.09.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its quarterly earnings data on Tuesday, June 30th. The company reported ($0.37) EPS for the quarter. The firm had revenue of $228.78 million during the quarter. Bitdeer Technologies Group had a negative net margin of 55.15% and a negative return on equity of 54.72%. As a group, research analysts forecast that Bitdeer Technologies Group will post -1.54 EPS for the current year.

Insider Buying and Selling at Bitdeer Technologies Group

In other news, insider Haris Fozan Basit acquired 25,000 shares of Bitdeer Technologies Group stock in a transaction that occurred on Friday, August 14th. The shares were acquired at an average price of $8.84 per share, for a total transaction of $221,000.00. Following the transaction, the insider directly owned 35,000 shares of the company’s stock, valued at approximately $309,400. The trade was a 250.00% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michael G. Potter acquired 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The stock was acquired at an average price of $9.04 per share, with a total value of $226,000.00. Following the acquisition, the chief financial officer owned 25,000 shares in the company, valued at $226,000. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

Institutional Trading of Bitdeer Technologies Group

A number of institutional investors and hedge funds have recently bought and sold shares of BTDR. GAMMA Investing LLC raised its position in shares of Bitdeer Technologies Group by 57.3% during the second quarter. GAMMA Investing LLC now owns 2,476 shares of the company’s stock worth $39,000 after acquiring an additional 902 shares during the last quarter. Empowered Funds LLC purchased a new position in shares of Bitdeer Technologies Group during the fourth quarter valued at approximately $34,000. Kestra Advisory Services LLC purchased a new stake in Bitdeer Technologies Group in the fourth quarter worth $39,000. FNY Investment Advisers LLC purchased a new stake in shares of Bitdeer Technologies Group in the 2nd quarter valued at about $66,000. Finally, Hollencrest Capital Management bought a new stake in shares of Bitdeer Technologies Group in the 1st quarter worth approximately $43,000. 22.25% of the stock is currently owned by institutional investors and hedge funds.

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.