Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Up 9.3% – Here’s What Happened

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) shot up 9.3% during mid-day trading on Wednesday. The stock traded as high as $7.01 and last traded at $7.0040. Approximately 1,149,782 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 9,733,580 shares. The stock had previously closed at $6.41.

Recent Bitdeer Technologies Group Headlines

Here are a few of the latest headlines about BTDR:

• Positive Sentiment: Bitdeer reported record third-quarter revenue of $320.7 million, up 89% year over year and above estimates. Adjusted EBITDA rose 173% to $69.6 million, pointing to substantial business growth. Bitdeer Q3 results
• Neutral Sentiment: Barclays lowered its price target from $17 to $14 but maintained an Overweight rating; Needham cut its target from $20 to $18 while keeping a Buy rating. The target reductions temper the bullish ratings, though both firms remain positive on the shares. Barclays rating Needham rating
• Negative Sentiment: Despite the revenue beat, Bitdeer lost $0.46 per share, worse than the expected $0.33 loss. The earnings shortfall and continued losses may explain why strong sales growth did not translate into an unambiguously positive market reaction. Q3 earnings report

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on BTDR shares. Barclays decreased their price objective on Bitdeer Technologies Group from $17.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday. Rosenblatt Securities reaffirmed a “buy” rating and set a $25.00 target price on shares of Bitdeer Technologies Group in a report on Tuesday, September 15th. HC Wainwright reaffirmed a “buy” rating on shares of Bitdeer Technologies Group in a report on Wednesday. Benchmark reaffirmed a “buy” rating on shares of Bitdeer Technologies Group in a research note on Tuesday, August 11th. Finally, Needham & Company LLC reduced their price objective on Bitdeer Technologies Group from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday. Ten investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.10.

Bitdeer Technologies Group Trading Up 10.3%

The stock has a market capitalization of $1.61 billion, a PE ratio of -2.31 and a beta of 2.72. 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 company’s 50 day moving average price is $9.62 and its two-hundred day moving average price is $11.43.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its quarterly earnings data on Tuesday, November 10th. The company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.13). The business had revenue of $320.75 million during the quarter, compared to analyst estimates of $258.18 million. Bitdeer Technologies Group had a negative net margin of 55.15% and a negative return on equity of 54.72%. Bitdeer Technologies Group’s revenue was up 89.0% on a year-over-year basis. During the same period in the previous year, the company posted ($1.28) earnings per share. As a group, analysts expect that Bitdeer Technologies Group will post -1.68 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Haris Basit purchased 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, with a total value of $221,000.00. Following the completion of the transaction, the insider directly owned 35,000 shares of the company’s stock, valued at $309,400. This represents a 250.00% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several large investors have recently modified their holdings of the stock. Funde Sino Life Insurance Co Ltd bought a new stake in shares of Bitdeer Technologies Group in the third quarter worth about $109,795,000. Situational Awareness LP boosted its position in shares of Bitdeer Technologies Group by 92.4% during 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 last quarter. Bank of America Corp DE raised its position in Bitdeer Technologies Group by 1,366.7% in the 1st quarter. Bank of America Corp DE now owns 3,227,585 shares of the company’s stock worth $27,919,000 after buying an additional 3,007,523 shares during the last quarter. Yong Rong HK Asset Management Ltd bought a new position in Bitdeer Technologies Group during the 3rd quarter valued at about $22,029,000. Finally, Bank of Nova Scotia grew its stake in shares of Bitdeer Technologies Group by 91.1% in the first quarter. Bank of Nova Scotia now owns 1,369,447 shares of the company’s stock worth $11,846,000 after acquiring an additional 652,874 shares during the period. Hedge funds and other institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group is a technology company focused on cryptocurrency mining and related infrastructure. Its business includes operating mining data centers, mining digital assets for its own account, and providing hosting services that allow customers to deploy and operate mining equipment. The company also develops and sells cryptocurrency mining machines and offers cloud hash rate services, which provide customers access to computing capacity for mining without requiring them to operate the equipment themselves.