Bitdeer Technologies Group (NASDAQ:BTDR) Earns Buy Rating from Rosenblatt Securities

Bitdeer Technologies Group (NASDAQ:BTDR)‘s stock had its “buy” rating restated by equities researchers at Rosenblatt Securities in a report issued on Tuesday, Benzinga reports. They presently have a $25.00 target price on the stock. Rosenblatt Securities’ price objective would indicate a potential upside of 114.41% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Cantor Fitzgerald raised shares of Bitdeer Technologies Group from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $15.00 to $18.00 in a research report on Wednesday, August 5th. Zacks Research raised shares of Bitdeer Technologies Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Bitdeer Technologies Group in a research note on Thursday, August 13th. B. Riley Financial reduced their price target on shares of Bitdeer Technologies Group from $23.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. Finally, Citizens Jmp started coverage on shares of Bitdeer Technologies Group in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $35.00 price objective for the company. Twelve equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Bitdeer Technologies Group currently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

Bitdeer Technologies Group Price Performance

Shares of BTDR stock opened at $11.66 on Tuesday. The firm has a market cap of $2.65 billion, a P/E ratio of -3.81 and a beta of 2.51. Bitdeer Technologies Group has a fifty-two week low of $6.92 and a fifty-two week high of $27.80. The business’s 50 day moving average price is $11.13 and its 200-day moving average price is $12.14. 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 announced its 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 business had revenue of $228.78 million for the quarter. On average, equities research analysts anticipate that Bitdeer Technologies Group will post -1.72 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Haris Basit bought 25,000 shares of the company’s stock in a transaction on Friday, August 14th. The shares were acquired at an average cost of $8.84 per share, with a total value 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. The trade was a 250.00% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael G. Potter bought 25,000 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was bought at an average cost of $9.04 per share, for a total transaction of $226,000.00. Following the completion of the purchase, the chief financial officer owned 25,000 shares of the company’s stock, valued at approximately $226,000. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of hedge funds have recently bought and sold shares of BTDR. Bank of America Corp DE grew its position in Bitdeer Technologies Group by 1,366.7% during the 1st quarter. Bank of America Corp DE now owns 3,227,585 shares of the company’s stock valued at $27,919,000 after purchasing an additional 3,007,523 shares during the last quarter. Situational Awareness LP raised its holdings in Bitdeer Technologies Group by 92.4% in the first quarter. Situational Awareness LP now owns 3,439,450 shares of the company’s stock worth $29,751,000 after buying an additional 1,651,450 shares during the last quarter. Bank of Nova Scotia lifted its stake 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 worth $11,846,000 after buying an additional 652,874 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Bitdeer Technologies Group in the first quarter worth approximately $2,048,000. Finally, CastleKnight Management LP grew its holdings in shares of Bitdeer Technologies Group by 14.8% during 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. Institutional investors own 22.25% of the company’s stock.

About Bitdeer Technologies Group

Bitdeer Technologies Group (NASDAQ: BTDR) is a technology company focused on blockchain and high-performance computing infrastructure. Its primary business is cryptocurrency mining, including self-mining, hash rate sharing and mining machine hosting services. The company provides customers with access to mining capacity, data-center infrastructure and related operational support.

Bitdeer also designs and develops application-specific integrated circuit (ASIC) mining machines through its SEALMINER product line.