Bitdeer Technologies Group (NASDAQ:BTDR) Stock Rating Upgraded by Wall Street Zen

Bitdeer Technologies Group (NASDAQ:BTDR) was upgraded by analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Several other brokerages have also issued reports on BTDR. Rosenblatt Securities reiterated a “buy” rating and set a $25.00 price target on shares of Bitdeer Technologies Group in a report on Tuesday, September 15th. Barclays boosted their target price on shares of Bitdeer Technologies Group from $15.00 to $17.00 and gave the stock an “overweight” rating in a report on Friday, October 9th. B. Riley Financial decreased their target price on shares of Bitdeer Technologies Group from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Friday. HC Wainwright reiterated a “buy” rating on shares of Bitdeer Technologies Group in a research note on Friday, October 2nd. Finally, 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. Ten analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $21.60.

Bitdeer Technologies Group Price Performance

Shares of BTDR stock opened at $6.71 on Friday. The stock’s 50-day simple moving average is $10.27 and its 200-day simple moving average is $11.72. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of -2.19 and a beta of 2.72. Bitdeer Technologies Group has a fifty-two week low of $6.42 and a fifty-two week high of $24.30. 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 posted its quarterly earnings data on Tuesday, June 30th. The company reported ($0.37) earnings per share for the quarter. The company had revenue of $228.78 million for the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. As a group, equities analysts forecast that Bitdeer Technologies Group will post -1.68 earnings per share for the current fiscal year.

Insider Activity at Bitdeer Technologies Group

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

Institutional Investors Weigh In On Bitdeer Technologies Group

Several large investors have recently added to or reduced their stakes in BTDR. GAMMA Investing LLC boosted its stake in shares of Bitdeer Technologies Group by 57.3% during the 2nd quarter. GAMMA Investing LLC now owns 2,476 shares of the company’s stock worth $39,000 after acquiring an additional 902 shares in the last quarter. Hollencrest Capital Management bought a new position in Bitdeer Technologies Group during the first quarter worth $43,000. SBI Securities Co. Ltd. grew its position in Bitdeer Technologies Group by 80.7% in the third quarter. SBI Securities Co. Ltd. now owns 4,621 shares of the company’s stock valued at $48,000 after acquiring an additional 2,064 shares during the period. Activest Wealth Management boosted its holdings in Bitdeer Technologies Group by 150.0% in the third quarter. Activest Wealth Management now owns 5,000 shares of the company’s stock valued at $52,000 after acquiring an additional 3,000 shares during the last quarter. Finally, CoreCap Advisors LLC raised its position in shares of Bitdeer Technologies Group by 467.5% during the third quarter. CoreCap Advisors LLC now owns 5,675 shares of the company’s stock worth $60,000 after purchasing an additional 4,675 shares during the period. 22.25% of the stock is owned by hedge funds and other institutional investors.

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.