Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Up – Here’s Why

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) gapped up before the market opened on Friday. The stock had previously closed at $10.64, but opened at $11.27. Bitdeer Technologies Group shares last traded at $11.6210, with a volume of 1,572,712 shares.

Analyst Ratings Changes

Several equities analysts recently commented on BTDR shares. HC Wainwright reaffirmed a “buy” rating on shares of Bitdeer Technologies Group in a research report on Friday. 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 target for the company. Rosenblatt Securities reiterated a “buy” rating and set a $25.00 price objective on shares of Bitdeer Technologies Group in a research note on Tuesday, September 15th. Citizens Jmp initiated coverage on shares of Bitdeer Technologies Group in a report on Wednesday, June 24th. They set a “market outperform” rating and a $35.00 price objective on the stock. Finally, Needham & Company LLC cut their target price 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. Twelve investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $24.00.

Bitdeer Technologies Group Stock Performance

The company has a market capitalization of $2.58 billion, a PE ratio of -3.70 and a beta of 2.56. The firm has a 50-day moving average of $10.95 and a two-hundred day moving average of $12.50. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.20.

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 return on equity of 54.72% and a negative net margin of 55.15%.The firm had revenue of $228.78 million for the quarter. Research analysts anticipate that Bitdeer Technologies Group will post -1.72 EPS for the current year.

Insider Activity

In other Bitdeer Technologies Group news, CFO Michael Potter purchased 25,000 shares of Bitdeer Technologies Group stock in a transaction that occurred on Wednesday, August 12th. The stock was bought at an average price of $9.04 per share, with a total value of $226,000.00. Following the acquisition, the chief financial officer owned 25,000 shares of the company’s stock, valued at $226,000. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Haris Basit acquired 25,000 shares of the company’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 completion of 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 position. Additional details regarding this purchase are available in the official SEC disclosure.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BTDR. Fund Resources Investment Holding Group Co Ltd boosted its stake in shares of Bitdeer Technologies Group by 3.0% in the first quarter. Fund Resources Investment Holding Group Co Ltd now owns 9,440,418 shares of the company’s stock worth $81,660,000 after acquiring an additional 276,098 shares during the last quarter. Situational Awareness LP lifted its holdings in Bitdeer Technologies Group by 92.4% in the 1st quarter. Situational Awareness LP now owns 3,439,450 shares of the company’s stock valued at $29,751,000 after purchasing an additional 1,651,450 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Bitdeer Technologies Group by 1,366.7% during the first 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 in the last quarter. CastleKnight Management LP raised its position in shares of Bitdeer Technologies Group by 14.8% in the fourth quarter. CastleKnight Management LP now owns 2,095,116 shares of the company’s stock valued at $23,486,000 after buying an additional 269,875 shares during the last quarter. Finally, Bank of Nova Scotia raised its position 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 valued at $11,846,000 after buying an additional 652,874 shares during the last quarter. 22.25% of the stock is owned by hedge funds and other institutional investors.

About Bitdeer Technologies Group

Bitdeer Technologies Group is a Singapore-based technology company focused on cryptocurrency mining and high-performance computing. The company operates an integrated platform that includes digital asset mining, mining-machine hosting and hash-rate sharing services for institutional and individual customers.

Bitdeer also develops proprietary cryptocurrency-mining hardware under the SEALMINER brand. Its activities span the design, production and deployment of application-specific integrated circuit (ASIC) mining machines, as well as the operation of data centers that support its own mining activities and hosting customers.

The company operates data-center and mining infrastructure across multiple international markets, including North America, Europe and Asia.