Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Up – Time to Buy?

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price gapped up before the market opened on Friday. The stock had previously closed at $5.31, but opened at $5.84. Bitdeer Technologies Group shares last traded at $5.6080, with a volume of 3,456,363 shares.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on BTDR shares. Weiss Ratings downgraded shares of Bitdeer Technologies Group from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. Barclays raised their price objective on shares of Bitdeer Technologies Group from $15.00 to $17.00 and gave the company an “overweight” rating in a research note on Friday, October 9th. 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. Keefe, Bruyette & Woods dropped their target price 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, Needham & Company LLC dropped their target price on shares of Bitdeer Technologies Group from $22.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, August 11th. Ten analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Bitdeer Technologies Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.60.

Bitdeer Technologies Group Price Performance

The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of -1.86 and a beta of 2.72. The company has a 50-day moving average price of $9.89 and a 200-day moving average price of $11.55. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.01 and a current ratio of 1.01.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its quarterly earnings results on Tuesday, June 30th. The company reported ($0.37) EPS for the quarter. The company 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%. On average, equities research analysts expect that Bitdeer Technologies Group will post -1.68 EPS for the current fiscal year.

Insider Activity at Bitdeer Technologies Group

In other news, insider Haris Basit acquired 25,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was purchased at an average price of $8.84 per share, for a total transaction of $221,000.00. Following the completion of the acquisition, the insider 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Michael Potter bought 25,000 shares of the stock in a transaction on Wednesday, August 12th. The stock was purchased at an average cost of $9.04 per share, with a total value of $226,000.00. Following the purchase, the chief financial officer directly owned 25,000 shares of the company’s stock, valued at approximately $226,000. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several institutional investors and hedge funds have recently made changes to their positions in BTDR. Bank of America Corp DE increased its position in shares of 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 valued at $27,919,000 after buying an additional 3,007,523 shares in the last quarter. Q Fund Management Hong Kong Ltd bought a new position in Bitdeer Technologies Group during the third quarter worth about $3,321,000. Situational Awareness LP lifted its holdings 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 acquiring an additional 1,651,450 shares in the last quarter. Engineers Gate Manager LP bought a new position in Bitdeer Technologies Group during the second quarter worth about $2,115,000. Finally, Bank of Nova Scotia grew its stake in 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 valued at $11,846,000 after acquiring an additional 652,874 shares during the period. Institutional investors and hedge funds 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. The company operates a vertically integrated platform that includes cryptocurrency mining, miner hosting, and hash rate sharing services, allowing customers to participate in digital asset mining without managing all of the underlying hardware and facilities.

Bitdeer conducts self-mining operations and provides data center services for mining equipment. It also develops and manufactures application-specific integrated circuit (ASIC) mining machines through its SEALMINER product line, with the goal of improving mining performance and energy efficiency.