Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 8.6% – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR) shares dropped 8.6% on Thursday . The stock traded as low as $16.31 and last traded at $16.02. Approximately 634,864 shares were traded during trading, a decline of 92% from the average session volume of 8,408,638 shares. The stock had previously closed at $17.52.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BTDR. Citizens Jmp started coverage on Bitdeer Technologies Group in a research note on Wednesday. They set a “market outperform” rating and a $35.00 price target on the stock. Rosenblatt Securities raised their price objective on Bitdeer Technologies Group from $18.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of Bitdeer Technologies Group in a research report on Wednesday, May 20th. Needham & Company LLC upped their target price on Bitdeer Technologies Group from $18.00 to $19.00 and gave the company a “buy” rating in a report on Friday, May 15th. Finally, Wall Street Zen cut Bitdeer Technologies Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 2nd. Ten research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $25.45.

Bitdeer Technologies Group Stock Performance

The company has a market capitalization of $3.90 billion, a price-to-earnings ratio of -4.81 and a beta of 2.45. The stock has a fifty day moving average price of $15.06 and a two-hundred day moving average price of $12.19. The company has a quick ratio of 1.11, a current ratio of 1.85 and a debt-to-equity ratio of 1.88.

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

Institutional Trading of Bitdeer Technologies Group

Hedge funds have recently bought and sold shares of the company. Fund Resources Investment Holding Group Co Ltd grew its stake in Bitdeer Technologies Group by 3.0% in the 1st quarter. Fund Resources Investment Holding Group Co Ltd now owns 9,440,418 shares of the company’s stock worth $81,660,000 after acquiring an additional 276,098 shares during the period. Bank of America Corp DE boosted its holdings in shares of Bitdeer Technologies Group by 67.5% during the second quarter. Bank of America Corp DE now owns 6,337,339 shares of the company’s stock worth $72,753,000 after purchasing an additional 2,553,093 shares during the last quarter. Situational Awareness LP boosted its holdings in shares of Bitdeer Technologies Group by 92.4% during the first 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 during the last quarter. Value Aligned Research Advisors LLC grew its position in shares of Bitdeer Technologies Group by 137.0% in the fourth 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 period. Finally, State Street Corp increased its stake in Bitdeer Technologies Group by 34.1% in the fourth quarter. State Street Corp now owns 3,144,782 shares of the company’s stock valued at $35,253,000 after purchasing an additional 800,003 shares during the last quarter. Institutional investors and hedge funds own 22.25% of the company’s stock.

Bitdeer Technologies Group Company Profile

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.