Bitdeer Technologies Group Target of Unusually Large Options Trading (NASDAQ:BTDR)

Bitdeer Technologies Group (NASDAQ:BTDR) was the target of some unusual options trading activity on Wednesday. Stock traders acquired 2,153 put options on the company. This is an increase of approximately 264% compared to the average daily volume of 592 put options.

Bitdeer Technologies Group Stock Up 8.7 %

Shares of NASDAQ BTDR traded up $0.87 during mid-day trading on Wednesday, reaching $10.90. 2,191,746 shares of the company were exchanged, compared to its average volume of 1,542,505. The company’s 50-day simple moving average is $6.77 and its 200-day simple moving average is $7.24. The stock has a market capitalization of $1.22 billion, a P/E ratio of -26.61 and a beta of 1.79. Bitdeer Technologies Group has a twelve month low of $2.77 and a twelve month high of $14.65.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its earnings results on Monday, May 13th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.07). Bitdeer Technologies Group had a negative return on equity of 3.98% and a negative net margin of 11.21%. The company had revenue of $119.51 million for the quarter, compared to analyst estimates of $119.12 million. As a group, equities research analysts expect that Bitdeer Technologies Group will post -0.01 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on BTDR shares. Benchmark reaffirmed a “buy” rating and issued a $13.00 target price on shares of Bitdeer Technologies Group in a research report on Monday, April 15th. Roth Mkm started coverage on shares of Bitdeer Technologies Group in a research report on Thursday, February 29th. They issued a “buy” rating and a $14.00 target price for the company. BTIG Research assumed coverage on shares of Bitdeer Technologies Group in a research report on Wednesday, March 13th. They issued a “buy” rating and a $15.00 target price for the company. Rosenblatt Securities assumed coverage on shares of Bitdeer Technologies Group in a research note on Tuesday, April 9th. They issued a “buy” rating and a $10.50 price target for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a research note on Wednesday, May 15th. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $13.56.

Hedge Funds Weigh In On Bitdeer Technologies Group

Hedge funds have recently bought and sold shares of the business. Van ECK Associates Corp increased its position in Bitdeer Technologies Group by 196.2% during the fourth quarter. Van ECK Associates Corp now owns 1,100,178 shares of the company’s stock worth $10,848,000 after acquiring an additional 728,804 shares during the period. Exchange Traded Concepts LLC increased its position in Bitdeer Technologies Group by 83.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 533,975 shares of the company’s stock worth $5,265,000 after acquiring an additional 243,245 shares during the period. Swiss National Bank bought a new position in Bitdeer Technologies Group during the third quarter worth about $604,000. Nomura Holdings Inc. bought a new position in Bitdeer Technologies Group in the 4th quarter valued at about $15,350,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Bitdeer Technologies Group by 149.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 38,901 shares of the company’s stock valued at $384,000 after buying an additional 23,310 shares during the period. 22.25% of the stock is owned by institutional investors.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and Hash rate marketplace; and a one-stop mining machine hosting solutions encompassing deployment, maintenance, and management services for efficient cryptocurrency mining; as well as mines cryptocurrencies for its own account.