Bitdeer Technologies Group (NASDAQ:BTDR) Stock Jumps 9.6% – Should You Buy?

Bitdeer Technologies Group (NASDAQ:BTDR) was up 9.6% on Tuesday. The company traded as high as $6.70 and last traded at $6.7640. 780,443 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 9,660,268 shares. The stock had previously closed at $6.17.

Wall Street Analysts Forecast Growth

BTDR has been the topic of several recent research reports. Keefe, Bruyette & Woods dropped their price objective on shares of Bitdeer Technologies Group from $14.00 to $10.00 and set a “market perform” rating on the stock in a research note on Thursday, August 13th. B. Riley Financial dropped their target price on Bitdeer Technologies Group from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Friday. Rosenblatt Securities reiterated a “buy” rating and set a $25.00 target price on shares of Bitdeer Technologies Group in a research report on Tuesday, September 15th. Weiss Ratings downgraded shares of Bitdeer Technologies Group from a “hold (c-)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. Finally, Barclays raised their price objective on Bitdeer Technologies Group from $15.00 to $17.00 and gave the company an “overweight” rating in a research note on Friday, October 9th. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.60.

Bitdeer Technologies Group Stock Performance

The stock has a market cap of $1.56 billion, a P/E ratio of -2.24 and a beta of 2.56. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a 50-day simple moving average of $10.17 and a 200-day simple moving average of $11.68.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its quarterly earnings data on Tuesday, June 30th. The company reported ($0.37) 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 company had revenue of $228.78 million during the quarter. Research analysts forecast that Bitdeer Technologies Group will post -1.68 earnings per share for the current year.

Insider Buying and Selling

In other Bitdeer Technologies Group news, CFO Michael G. Potter purchased 25,000 shares of the company’s stock in a transaction dated Wednesday, August 12th. The stock was purchased at an average price of $9.04 per share, for a total transaction of $226,000.00. Following the transaction, the chief financial officer owned 25,000 shares in the company, valued at $226,000. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Haris Basit acquired 25,000 shares of Bitdeer Technologies Group stock in a transaction dated 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 completion of the purchase, the insider directly owned 35,000 shares of the company’s stock, valued at approximately $309,400. The trade was a 250.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its position in 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 buying an additional 902 shares during the last quarter. Hollencrest Capital Management bought a new position in shares of Bitdeer Technologies Group during the 1st quarter valued at approximately $43,000. SBI Securities Co. Ltd. increased its holdings in Bitdeer Technologies Group by 80.7% in the 3rd quarter. SBI Securities Co. Ltd. now owns 4,621 shares of the company’s stock worth $48,000 after acquiring an additional 2,064 shares in the last quarter. Activest Wealth Management lifted its holdings in Bitdeer Technologies Group by 150.0% during the third quarter. Activest Wealth Management now owns 5,000 shares of the company’s stock valued at $52,000 after purchasing an additional 3,000 shares in the last quarter. Finally, CoreCap Advisors LLC increased its stake in Bitdeer Technologies Group by 467.5% in the 3rd quarter. CoreCap Advisors LLC now owns 5,675 shares of the company’s stock worth $60,000 after buying an additional 4,675 shares in the last quarter. Institutional investors 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.