Traders Buy High Volume of Bitdeer Technologies Group Put Options (NASDAQ:BTDR)

Bitdeer Technologies Group (NASDAQ:BTDR) was the recipient of some unusual options trading activity on Wednesday. Traders purchased 2,153 put options on the stock. This represents an increase of 264% compared to the average daily volume of 592 put options.

Bitdeer Technologies Group Trading Up 5.7 %

Shares of BTDR opened at $9.78 on Friday. Bitdeer Technologies Group has a 12-month low of $2.77 and a 12-month high of $14.65. The firm has a 50-day moving average price of $6.85 and a 200 day moving average price of $7.26. The firm has a market capitalization of $1.10 billion, a P/E ratio of -23.27 and a beta of 1.79.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its earnings results on Monday, May 13th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.07). The company had revenue of $119.51 million during the quarter, compared to analyst estimates of $119.12 million. Bitdeer Technologies Group had a negative net margin of 11.21% and a negative return on equity of 3.98%. Equities research analysts predict that Bitdeer Technologies Group will post -0.01 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BTDR. Needham & Company LLC reissued a “buy” rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a report on Wednesday, May 15th. BTIG Research began coverage on shares of Bitdeer Technologies Group in a report on Wednesday, March 13th. They issued a “buy” rating and a $15.00 price target for the company. Rosenblatt Securities began coverage on shares of Bitdeer Technologies Group in a report on Tuesday, April 9th. They issued a “buy” rating and a $10.50 price target for the company. Cantor Fitzgerald raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, June 12th. Finally, B. Riley began coverage on shares of Bitdeer Technologies Group in a report on Tuesday, March 12th. They issued a “buy” rating and a $9.00 price target for the company. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $13.56.

Institutional Trading of Bitdeer Technologies Group

Several hedge funds have recently made changes to their positions in the business. Barclays PLC acquired a new stake in shares of Bitdeer Technologies Group during the third quarter worth about $49,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Bitdeer Technologies Group by 149.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 38,901 shares of the company’s stock worth $384,000 after purchasing an additional 23,310 shares in the last quarter. Vontobel Holding Ltd. purchased a new stake in shares of Bitdeer Technologies Group during the fourth quarter worth approximately $240,000. Virtu Financial LLC purchased a new stake in shares of Bitdeer Technologies Group during the first quarter worth approximately $431,000. Finally, Swiss National Bank purchased a new stake in shares of Bitdeer Technologies Group during the third quarter worth approximately $604,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and Hash rate marketplace; and a one-stop mining machine hosting solutions encompassing deployment, maintenance, and management services for efficient cryptocurrency mining; as well as mines cryptocurrencies for its own account.