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

Bitdeer Technologies Group (NASDAQ:BTDR) gapped up before the market opened on Thursday . The stock had previously closed at $10.67, but opened at $11.20. Bitdeer Technologies Group shares last traded at $11.6210, with a volume of 2,201,529 shares.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BTDR. Benchmark reissued a “buy” rating on shares of Bitdeer Technologies Group in a report on Tuesday, August 11th. Keefe, Bruyette & Woods reduced their price objective on 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. Cantor Fitzgerald upgraded Bitdeer Technologies Group from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $15.00 to $18.00 in a research report on Wednesday, August 5th. Needham & Company LLC lowered their target price on Bitdeer Technologies Group from $22.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, August 11th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Bitdeer Technologies Group in a report on Thursday, August 13th. Twelve analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

Bitdeer Technologies Group Trading Down 8.9%

The business’s 50 day simple moving average is $12.06 and its two-hundred day simple moving average is $11.99. The stock has a market cap of $2.35 billion, a P/E ratio of -3.37 and a beta of 2.50. 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) 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. As a group, analysts expect that Bitdeer Technologies Group will post -1.72 EPS for the current year.

Insider Activity at Bitdeer Technologies Group

In other Bitdeer Technologies Group news, CFO Michael G. Potter purchased 25,000 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was purchased at an average cost 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 legal filing with the SEC, which is available at this hyperlink. Also, insider Haris Fozan Basit acquired 25,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was bought at an average price of $8.84 per share, with a total value of $221,000.00. Following the completion of the acquisition, the insider directly 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 disclosure for this purchase is available in the SEC filing.

Hedge Funds Weigh In On Bitdeer Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. increased its position in Bitdeer Technologies Group by 167.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 483,022 shares of the company’s stock valued at $4,265,000 after purchasing an additional 302,548 shares during the period. Legal & General Group Plc lifted its position in shares of Bitdeer Technologies Group by 39.0% in the 2nd quarter. Legal & General Group Plc now owns 73,541 shares of the company’s stock worth $844,000 after purchasing an additional 20,640 shares during the period. New York State Common Retirement Fund acquired a new position in shares of Bitdeer Technologies Group in the 2nd quarter worth approximately $326,000. Invesco Ltd. boosted its stake in shares of Bitdeer Technologies Group by 169.0% in the 2nd quarter. Invesco Ltd. now owns 71,822 shares of the company’s stock valued at $825,000 after purchasing an additional 45,120 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Bitdeer Technologies Group in the 2nd quarter valued at $1,558,000. 22.25% of the stock is owned by institutional investors and hedge funds.

About Bitdeer Technologies Group

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.