Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Up 4.4% – Here’s What Happened

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) rose 4.4% on Monday . The company traded as high as $10.87 and last traded at $10.77. Approximately 5,669,061 shares were traded during trading, a decline of 41% from the average session volume of 9,580,104 shares. The stock had previously closed at $10.32.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of Bitdeer Technologies Group in a report on Thursday, August 13th. Zacks Research upgraded shares of Bitdeer Technologies Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. B. Riley Financial reduced their target price on shares of Bitdeer Technologies Group from $23.00 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Keefe, Bruyette & Woods dropped their price target on shares of 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. Finally, Barclays began coverage on shares of Bitdeer Technologies Group in a report on Thursday, August 20th. They issued an “overweight” rating and a $15.00 price objective on the stock. Twelve analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Bitdeer Technologies Group has an average rating of “Moderate Buy” and a consensus target price of $24.00.

Bitdeer Technologies Group Stock Down 4.6%

The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of -3.38 and a beta of 2.51. The business’s 50-day moving average is $11.79 and its two-hundred day moving average is $11.96. 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) earnings per share (EPS) for the quarter. Bitdeer Technologies Group had a negative net margin of 55.15% and a negative return on equity of 54.72%. The firm had revenue of $228.78 million during the quarter. On average, equities analysts anticipate that Bitdeer Technologies Group will post -1.72 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Michael G. Potter bought 25,000 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were acquired at an average price of $9.04 per share, with a total value of $226,000.00. Following the completion of the transaction, 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Haris Fozan Basit purchased 25,000 shares of the stock in a transaction on Friday, August 14th. The shares were bought at an average cost of $8.84 per share, for a total transaction of $221,000.00. Following the transaction, 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 Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Empowered Funds LLC acquired a new stake in shares of Bitdeer Technologies Group in the fourth quarter valued at approximately $34,000. GAMMA Investing LLC boosted its holdings in Bitdeer Technologies Group by 57.3% in the 2nd quarter. GAMMA Investing LLC now owns 2,476 shares of the company’s stock valued at $39,000 after purchasing an additional 902 shares during the period. Kestra Advisory Services LLC acquired a new stake in Bitdeer Technologies Group during the fourth quarter worth approximately $39,000. Hollencrest Capital Management acquired a new stake in shares of Bitdeer Technologies Group during the 1st quarter worth $43,000. Finally, FNY Investment Advisers LLC bought a new position in Bitdeer Technologies Group in the 2nd quarter valued at about $66,000. 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.