Investors Purchase Large Volume of Put Options on Bitdeer Technologies Group (NASDAQ:BTDR)

Bitdeer Technologies Group (NASDAQ:BTDR) was the recipient of some unusual options trading activity on Monday. Investors bought 12,480 put options on the company. This is an increase of approximately 24% compared to the average daily volume of 10,070 put options.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several institutional investors have recently made changes to their positions in the company. Yong Rong HK Asset Management Ltd purchased a new stake in Bitdeer Technologies Group during the fourth quarter worth $65,010,000. Van ECK Associates Corp purchased a new stake in shares of Bitdeer Technologies Group during the 4th quarter worth $29,125,000. Mirabella Financial Services LLP bought a new stake in Bitdeer Technologies Group during the third quarter valued at about $5,872,000. FengHe Fund Management Pte. Ltd. purchased a new position in Bitdeer Technologies Group in the fourth quarter valued at about $10,378,000. Finally, Millennium Management LLC raised its holdings in Bitdeer Technologies Group by 901.0% in the second quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock worth $4,210,000 after purchasing an additional 369,363 shares in the last quarter. Hedge funds and other institutional investors own 22.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on BTDR shares. Needham & Company LLC boosted their target price on Bitdeer Technologies Group from $14.00 to $22.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Northland Securities increased their target price on shares of Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Alliance Global Partners assumed coverage on shares of Bitdeer Technologies Group in a research note on Tuesday, October 8th. They set a “buy” rating and a $14.00 price target for the company. Roth Mkm increased their price objective on shares of Bitdeer Technologies Group from $15.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Finally, Benchmark raised their price objective on shares of Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Eleven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Bitdeer Technologies Group presently has a consensus rating of “Buy” and an average target price of $21.50.

Bitdeer Technologies Group Stock Down 5.0 %

BTDR opened at $16.89 on Wednesday. Bitdeer Technologies Group has a 52 week low of $5.23 and a 52 week high of $26.99. The company has a market capitalization of $1.89 billion, a P/E ratio of -32.48 and a beta of 2.04. The stock’s fifty day moving average is $19.45 and its two-hundred day moving average is $12.11.

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.