Bitdeer Technologies Group (NASDAQ:BTDR) Trading Up 6.1% – Time to Buy?

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) traded up 6.1% on Friday . The stock traded as high as $11.81 and last traded at $11.9260. Approximately 669,826 shares traded hands during trading, a decline of 93% from the average session volume of 9,552,868 shares. The stock had previously closed at $11.24.

Analyst Ratings Changes

Several research analysts have recently commented on BTDR shares. Zacks Research raised shares of Bitdeer Technologies Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Needham & Company LLC decreased their price target on Bitdeer Technologies Group from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, August 11th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Bitdeer Technologies Group in a research report on Thursday, August 13th. Rosenblatt Securities reissued a “buy” rating and issued a $25.00 target price on shares of Bitdeer Technologies Group in a report on Tuesday. Finally, Keefe, Bruyette & Woods lowered their target price on Bitdeer Technologies Group from $14.00 to $10.00 and set a “market perform” rating for the company in a research note on Thursday, August 13th. Twelve equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $24.00.

Bitdeer Technologies Group Price Performance

The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of -4.05 and a beta of 2.51. The company has a fifty day simple moving average of $11.00 and a 200 day simple moving average of $12.21. 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 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%. Equities research analysts forecast that Bitdeer Technologies Group will post -1.72 EPS for the current fiscal year.

Insider Activity

In other news, CFO Michael G. Potter purchased 25,000 shares of Bitdeer Technologies Group stock in a transaction dated Wednesday, August 12th. The stock was purchased at an average cost of $9.04 per share, for a total transaction of $226,000.00. Following the transaction, 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 ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Haris Basit bought 25,000 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was acquired at an average price of $8.84 per share, for a total transaction of $221,000.00. Following the completion of the purchase, the insider directly owned 35,000 shares in the company, valued at approximately $309,400. The trade was a 250.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

Institutional Trading of Bitdeer Technologies Group

Several institutional investors have recently bought and sold shares of BTDR. GAMMA Investing LLC boosted its holdings in shares of Bitdeer Technologies Group by 57.3% in the 2nd quarter. GAMMA Investing LLC now owns 2,476 shares of the company’s stock worth $39,000 after purchasing an additional 902 shares during the period. FNY Investment Advisers LLC purchased a new stake in Bitdeer Technologies Group during the 2nd quarter valued at about $66,000. Hollencrest Capital Management acquired a new stake in shares of Bitdeer Technologies Group in the first quarter worth $43,000. Integrated Wealth Concepts LLC acquired a new position in Bitdeer Technologies Group during the second quarter valued at $100,000. Finally, Leonteq Securities AG purchased a new position in Bitdeer Technologies Group during the first quarter valued at approximately $72,000. 22.25% of the stock is owned by hedge funds and other institutional investors.

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.