Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 4.7% – Here’s Why

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) dropped 4.7% during trading on Friday . The company traded as low as $11.85 and last traded at $12.06. Approximately 858,065 shares were traded during trading, a decline of 86% from the average daily volume of 6,040,391 shares. The stock had previously closed at $12.65.

Analyst Ratings Changes

Several research firms have recently weighed in on BTDR. Cantor Fitzgerald lifted their target price on shares of Bitdeer Technologies Group from $30.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. Roth Capital reiterated a “buy” rating and set a $40.00 price objective on shares of Bitdeer Technologies Group in a research report on Wednesday, October 15th. Jones Trading assumed coverage on shares of Bitdeer Technologies Group in a research note on Monday, October 6th. They set a “buy” rating and a $32.00 target price on the stock. Wall Street Zen lowered Bitdeer Technologies Group from a “hold” rating to a “sell” rating in a report on Friday, August 22nd. Finally, B. Riley lowered their price target on Bitdeer Technologies Group from $32.00 to $29.00 and set a “buy” rating on the stock in a report on Wednesday, November 12th. Twelve equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $30.33.

Bitdeer Technologies Group Trading Down 5.7%

The business’s 50-day simple moving average is $17.92 and its 200-day simple moving average is $15.13. The company has a market cap of $2.52 billion, a PE ratio of -2.11 and a beta of 2.31. The company has a current ratio of 0.90, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its earnings results on Monday, November 10th. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($1.06). Bitdeer Technologies Group had a negative net margin of 115.59% and a negative return on equity of 91.31%. The firm had revenue of $169.71 million during the quarter, compared to analysts’ expectations of $151.80 million. During the same quarter last year, the firm earned ($0.35) EPS. The business’s revenue for the quarter was up 173.7% compared to the same quarter last year. As a group, analysts expect that Bitdeer Technologies Group will post -0.73 EPS for the current fiscal year.

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. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Bitdeer Technologies Group by 182.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,012 shares of the company’s stock worth $274,000 after acquiring an additional 20,030 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Bitdeer Technologies Group by 45.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 537,082 shares of the company’s stock valued at $4,742,000 after purchasing an additional 168,304 shares during the last quarter. Deutsche Bank AG lifted its stake in shares of Bitdeer Technologies Group by 198.3% in the 1st quarter. Deutsche Bank AG now owns 49,301 shares of the company’s stock valued at $435,000 after purchasing an additional 32,776 shares during the last quarter. Swiss National Bank boosted its holdings in Bitdeer Technologies Group by 136.8% in the first quarter. Swiss National Bank now owns 168,400 shares of the company’s stock worth $1,487,000 after purchasing an additional 97,300 shares in the last quarter. Finally, Invesco Ltd. increased its position in Bitdeer Technologies Group by 37.9% during the first quarter. Invesco Ltd. now owns 26,702 shares of the company’s stock worth $236,000 after buying an additional 7,345 shares during the last quarter. Institutional investors 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.