Bitdeer Technologies Group’s (BTDR) “Buy” Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on shares of Bitdeer Technologies Group (NASDAQ:BTDR) in a research report released on Tuesday morning,Benzinga reports. Rosenblatt Securities currently has a $25.00 target price on the stock.

A number of other equities analysts also recently commented on BTDR. Zacks Research upgraded Bitdeer Technologies Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Needham & Company LLC reduced their target price on shares of 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. Barclays initiated coverage on shares of Bitdeer Technologies Group in a research report on Thursday, August 20th. They issued an “overweight” rating and a $15.00 target price for the company. Weiss Ratings restated a “hold (c-)” rating on shares of Bitdeer Technologies Group in a research note on Thursday, August 13th. Finally, Citizens Jmp assumed coverage on shares of Bitdeer Technologies Group in a report on Wednesday, June 24th. They set a “market outperform” rating and a $35.00 price target on the stock. Twelve equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Bitdeer Technologies Group has a consensus rating of “Moderate Buy” and an average price target of $24.00.

Bitdeer Technologies Group Stock Performance

Shares of NASDAQ BTDR opened at $11.24 on Tuesday. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.01 and a quick ratio of 1.01. Bitdeer Technologies Group has a one year low of $6.92 and a one year high of $27.80. The business’s 50-day moving average price is $11.00 and its two-hundred day moving average price is $12.21. The company has a market capitalization of $2.56 billion, a P/E ratio of -3.67 and a beta of 2.51.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its quarterly earnings results on Tuesday, June 30th. The company reported ($0.37) earnings per share for the quarter. The firm had revenue of $228.78 million for the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. Analysts anticipate that Bitdeer Technologies Group will post -1.72 earnings per share for the current fiscal year.

Insider Transactions at Bitdeer Technologies Group

In related news, CFO Michael Potter acquired 25,000 shares of the stock in a transaction dated Wednesday, August 12th. The shares were acquired at an average price of $9.04 per share, with a total value of $226,000.00. Following the acquisition, the chief financial officer owned 25,000 shares in the company, valued at approximately $226,000. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Haris Basit acquired 25,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was 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 in the company, valued at $309,400. This represents a 250.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BTDR. Fund Resources Investment Holding Group Co Ltd lifted its position in Bitdeer Technologies Group by 3.0% during the 1st quarter. Fund Resources Investment Holding Group Co Ltd now owns 9,440,418 shares of the company’s stock worth $81,660,000 after acquiring an additional 276,098 shares during the last quarter. Situational Awareness LP boosted its holdings in Bitdeer Technologies Group by 92.4% during the first quarter. Situational Awareness LP now owns 3,439,450 shares of the company’s stock valued at $29,751,000 after acquiring an additional 1,651,450 shares during the period. Bank of America Corp DE grew its position in shares of Bitdeer Technologies Group by 1,366.7% in the first 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. CastleKnight Management LP grew its position in shares of Bitdeer Technologies Group by 14.8% in the fourth quarter. CastleKnight Management LP now owns 2,095,116 shares of the company’s stock valued at $23,486,000 after purchasing an additional 269,875 shares during the last quarter. Finally, Bank of Nova Scotia grew its position 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 valued at $11,846,000 after purchasing an additional 652,874 shares during the last quarter. Institutional investors and hedge funds 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.