Investors Buy Large Volume of Bitdeer Technologies Group Call Options (NASDAQ:BTDR)

Bitdeer Technologies Group (NASDAQ:BTDR) saw some unusual options trading on Monday. Investors bought 49,889 call options on the stock. This represents an increase of approximately 54% compared to the typical daily volume of 32,326 call options.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on BTDR shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $25.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday, September 15th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Bitdeer Technologies Group in a report on Monday, October 26th. Needham & Company LLC lowered their price objective on Bitdeer Technologies Group from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, August 11th. Barclays lifted their target price on Bitdeer Technologies Group from $15.00 to $17.00 and gave the company an “overweight” rating in a research report on Friday, October 9th. Finally, Wall Street Zen upgraded shares of Bitdeer Technologies Group from a “strong sell” rating to a “sell” rating in a report on Saturday, October 31st. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.60.

Bitdeer Technologies Group Stock Up 6.7%

Shares of NASDAQ BTDR traded up $0.41 during trading on Monday, hitting $6.42. The stock had a trading volume of 4,565,604 shares, compared to its average volume of 9,740,986. The firm has a fifty day moving average of $9.78 and a two-hundred day moving average of $11.51. The company has a market capitalization of $1.46 billion, a PE ratio of -2.10 and a beta of 2.72. Bitdeer Technologies Group has a 12 month low of $5.03 and a 12 month high of $23.30. 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 (NASDAQ:BTDR) last announced its quarterly earnings data on Tuesday, June 30th. The company reported ($0.37) earnings per share (EPS) for the quarter. The business had revenue of $228.78 million during the quarter. Bitdeer Technologies Group had a negative net margin of 55.15% and a negative return on equity of 54.72%. As a group, equities research analysts forecast that Bitdeer Technologies Group will post -1.68 EPS for the current fiscal year.

Insider Activity

In other news, CFO Michael G. Potter acquired 25,000 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were bought 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 of the company’s stock, valued at $226,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Haris Basit acquired 25,000 shares of the company’s stock in a transaction on Friday, August 14th. The shares were bought at an average price of $8.84 per share, with a total value of $221,000.00. Following the completion of the purchase, the insider directly owned 35,000 shares of the company’s stock, valued at approximately $309,400. This 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

A number of large investors have recently added to or reduced their stakes in the business. Funde Sino Life Insurance Co Ltd purchased a new stake in shares of Bitdeer Technologies Group during the third quarter valued at approximately $109,795,000. Bank of America Corp DE raised its holdings in Bitdeer Technologies Group by 1,366.7% during 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 acquiring an additional 3,007,523 shares during the period. Situational Awareness LP lifted its holdings in Bitdeer Technologies Group by 92.4% in the 1st quarter. Situational Awareness LP now owns 3,439,450 shares of the company’s stock worth $29,751,000 after purchasing an additional 1,651,450 shares in the last quarter. Fund Resources Investment Holding Group Co Ltd purchased a new position in Bitdeer Technologies Group during the third quarter valued at $8,353,000. Finally, Bank of Nova Scotia boosted its stake 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 valued at $11,846,000 after buying an additional 652,874 shares during the last quarter. Hedge funds and other institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group is a technology company focused on cryptocurrency mining and related infrastructure. Its business includes operating mining data centers, mining digital assets for its own account, and providing hosting services that allow customers to deploy and operate mining equipment.

The company also develops and sells cryptocurrency mining machines and offers cloud hash rate services, which provide customers access to computing capacity for mining without requiring them to operate the equipment themselves.