Bank of Nova Scotia Purchases 652,874 Shares of Bitdeer Technologies Group $BTDR

Bank of Nova Scotia boosted its position in shares of Bitdeer Technologies Group (NASDAQ:BTDR) by 91.1% in the first quarter, Holdings Channel reports. The fund owned 1,369,447 shares of the company’s stock after purchasing an additional 652,874 shares during the quarter. Bank of Nova Scotia’s holdings in Bitdeer Technologies Group were worth $11,846,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. Fund Resources Investment Holding Group Co Ltd purchased a new position in Bitdeer Technologies Group in the fourth quarter worth about $102,732,000. Bank of America Corp DE increased its position in shares of Bitdeer Technologies Group by 67.5% during the 2nd quarter. Bank of America Corp DE now owns 6,337,339 shares of the company’s stock valued at $72,753,000 after purchasing an additional 2,553,093 shares during the last quarter. Value Aligned Research Advisors LLC increased its position in shares of Bitdeer Technologies Group by 137.0% during the 4th quarter. Value Aligned Research Advisors LLC now owns 3,267,614 shares of the company’s stock valued at $36,630,000 after purchasing an additional 1,888,825 shares during the last quarter. Situational Awareness LP lifted its stake in shares of Bitdeer Technologies Group by 92.3% in the 4th quarter. Situational Awareness LP now owns 1,788,000 shares of the company’s stock worth $20,043,000 after purchasing an additional 858,400 shares during the period. Finally, Van ECK Associates Corp lifted its stake in shares of Bitdeer Technologies Group by 100.1% in the 4th quarter. Van ECK Associates Corp now owns 1,694,193 shares of the company’s stock worth $18,992,000 after purchasing an additional 847,486 shares during the period. Institutional investors own 22.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. B. Riley Financial boosted their target price on shares of Bitdeer Technologies Group from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Weiss Ratings upgraded shares of Bitdeer Technologies Group from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Monday, May 18th. Citizens Jmp initiated coverage on shares of Bitdeer Technologies Group in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $35.00 price target on the stock. Zacks Research raised shares of Bitdeer Technologies Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Finally, Wall Street Zen downgraded shares of Bitdeer Technologies Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 2nd. Ten investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $25.45.

Bitdeer Technologies Group Stock Performance

Shares of NASDAQ:BTDR opened at $11.56 on Monday. The stock has a 50 day moving average of $15.37 and a 200 day moving average of $12.54. The company has a market cap of $2.72 billion, a PE ratio of -3.35 and a beta of 2.47. Bitdeer Technologies Group has a 12-month low of $6.92 and a 12-month high of $27.80. The company has a current ratio of 1.85, a quick ratio of 1.11 and a debt-to-equity ratio of 1.88.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its earnings results on Thursday, May 14th. The company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.21). The firm had revenue of $188.93 million for the quarter, compared to the consensus estimate of $184.02 million. Bitdeer Technologies Group had a negative return on equity of 69.95% and a negative net margin of 68.11%.Bitdeer Technologies Group’s revenue was up 169.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.37) EPS. As a group, equities research analysts expect that Bitdeer Technologies Group will post -1.18 EPS for the current year.

About Bitdeer Technologies Group

Bitdeer Technologies Group Inc (NASDAQ:BTDR) is a global digital asset mining and computing services provider focused on delivering secure and efficient hashrate solutions to institutional and retail customers. The company leverages its proprietary mining platform to offer hosted mining, hashrate sales and management services, enabling clients to access large-scale mining operations without direct investment in hardware or infrastructure.

Bitdeer’s core offerings include mining hosting services, whereby the firm installs, operates and maintains specialized mining equipment on behalf of customers, and hashrate-as-a-service products that provide fixed-capacity mining power with transparent pricing structures.