Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 7.8% – What’s Next?

Bitdeer Technologies Group (NASDAQ:BTDR) shares fell 7.8% on Wednesday. The stock traded as low as $8.42 and last traded at $8.4890. Approximately 3,629,649 shares traded hands during trading, a decline of 62% from the average session volume of 9,562,845 shares. The stock had previously closed at $9.21.

Analysts Set New Price Targets

A number of research firms have weighed in on BTDR. Citizens Jmp started coverage on Bitdeer Technologies Group in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $35.00 price objective for the company. Cantor Fitzgerald upgraded Bitdeer Technologies Group from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $15.00 to $18.00 in a research note on Wednesday, August 5th. Barclays raised their target price on Bitdeer Technologies Group from $15.00 to $17.00 and gave the stock an “overweight” rating in a report on Friday, October 9th. Benchmark reiterated a “buy” rating on shares of Bitdeer Technologies Group in a research report on Tuesday, August 11th. Finally, Needham & Company LLC decreased their price target on Bitdeer Technologies Group from $22.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, August 11th. Eleven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.45.

Bitdeer Technologies Group Stock Down 14.1%

The business’s fifty day simple moving average is $10.85 and its two-hundred day simple moving average is $12.59. The company has a market cap of $1.80 billion, a PE ratio of -2.58 and a beta of 2.56. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.01 and a quick ratio of 1.01.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its earnings results on Tuesday, June 30th. The company reported ($0.37) earnings per share (EPS) for the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. The firm had revenue of $228.78 million for the quarter. On average, analysts predict that Bitdeer Technologies Group will post -1.68 earnings per share for the current year.

Insider Buying and Selling

In other Bitdeer Technologies Group news, insider Haris Basit acquired 25,000 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was acquired at an average cost of $8.84 per share, for a total transaction of $221,000.00. Following the completion of the transaction, the insider directly owned 35,000 shares of the company’s stock, valued at $309,400. This represents a 250.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michael G. Potter acquired 25,000 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was acquired at an average price of $9.04 per share, with a total value of $226,000.00. Following the completion of the transaction, the chief financial officer directly owned 25,000 shares of the company’s stock, valued at approximately $226,000. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Institutional Trading of Bitdeer Technologies Group

A number of institutional investors and hedge funds have recently modified their holdings of BTDR. GAMMA Investing LLC increased its stake in Bitdeer Technologies Group by 57.3% during the 2nd quarter. GAMMA Investing LLC now owns 2,476 shares of the company’s stock worth $39,000 after buying an additional 902 shares in the last quarter. Hollencrest Capital Management purchased a new stake in shares of Bitdeer Technologies Group during the first quarter worth approximately $43,000. CoreCap Advisors LLC increased its position in shares of Bitdeer Technologies Group by 467.5% during the third quarter. CoreCap Advisors LLC now owns 5,675 shares of the company’s stock worth $60,000 after purchasing an additional 4,675 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Bitdeer Technologies Group during the second quarter worth approximately $66,000. Finally, Leonteq Securities AG acquired a new position in Bitdeer Technologies Group in the 1st quarter valued at $72,000. Hedge funds and other institutional investors own 22.25% of the company’s stock.

About Bitdeer Technologies Group

Bitdeer Technologies Group is a Singapore-based technology company focused on cryptocurrency mining and high-performance computing. The company operates an integrated platform that includes digital asset mining, mining-machine hosting and hash-rate sharing services for institutional and individual customers.

Bitdeer also develops proprietary cryptocurrency-mining hardware under the SEALMINER brand. Its activities span the design, production and deployment of application-specific integrated circuit (ASIC) mining machines, as well as the operation of data centers that support its own mining activities and hosting customers.

The company operates data-center and mining infrastructure across multiple international markets, including North America, Europe and Asia.