Bitdeer Technologies Group (NASDAQ:BTDR) Given New $19.00 Price Target at B. Riley Financial

Bitdeer Technologies Group (NASDAQ:BTDR) had its price objective cut by B. Riley Financial from $21.00 to $19.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also issued reports on BTDR. Keefe, Bruyette & Woods lowered their price target on Bitdeer Technologies Group from $14.00 to $10.00 and set a “market perform” rating on the stock in a report on Thursday, August 13th. Barclays upped 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. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bitdeer Technologies Group in a research report on Monday. Benchmark reiterated a “buy” rating on shares of Bitdeer Technologies Group in a research note on Tuesday, August 11th. Finally, Needham & Company LLC dropped their target price on Bitdeer Technologies Group from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, August 11th. Ten analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.60.

Bitdeer Technologies Group Stock Down 11.5%

Shares of NASDAQ BTDR opened at $6.71 on Friday. The stock has a market cap of $1.53 billion, a PE ratio of -2.19 and a beta of 2.56. Bitdeer Technologies Group has a 52-week low of $6.42 and a 52-week high of $24.30. The business has a 50-day moving average price of $10.27 and a 200 day moving average price of $11.72. 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 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 business had revenue of $228.78 million for the quarter. Equities research analysts forecast that Bitdeer Technologies Group will post -1.68 earnings per share for the current year.

Insider Activity at Bitdeer Technologies Group

In other news, insider Haris Basit acquired 25,000 shares of Bitdeer Technologies Group stock in a transaction that occurred on Friday, August 14th. The stock was purchased 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 in the company, valued at $309,400. This trade represents a 250.00% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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, with a total value of $226,000.00. Following the transaction, the chief financial officer owned 25,000 shares of the company’s stock, valued at approximately $226,000. This represents a ∞ 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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BTDR. Bank of America Corp DE raised its position in shares of 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 worth $27,919,000 after purchasing an additional 3,007,523 shares during the last quarter. Q Fund Management Hong Kong Ltd acquired a new stake in Bitdeer Technologies Group during the 3rd quarter valued at $3,321,000. Situational Awareness LP grew its holdings in Bitdeer Technologies Group by 92.4% during the 1st quarter. Situational Awareness LP now owns 3,439,450 shares of the company’s stock valued at $29,751,000 after buying an additional 1,651,450 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in Bitdeer Technologies Group during the 2nd quarter valued at $2,115,000. Finally, Bank of Nova Scotia increased its position in Bitdeer Technologies Group by 91.1% during 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. Institutional investors and hedge funds own 22.25% of the company’s stock.

About Bitdeer Technologies Group

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.