Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 6.5% – What’s Next?

Bitdeer Technologies Group (NASDAQ:BTDR) traded down 6.5% during mid-day trading on Thursday . The stock traded as low as $11.90 and last traded at $11.7470. 343,272 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 8,567,434 shares. The stock had previously closed at $12.57.

Analyst Ratings Changes

BTDR has been the subject of a number of research analyst reports. Weiss Ratings upgraded Bitdeer Technologies Group from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Monday, May 18th. Needham & Company LLC boosted their price target on Bitdeer Technologies Group from $18.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Keefe, Bruyette & Woods restated a “market perform” rating on shares of Bitdeer Technologies Group in a research note on Wednesday, May 20th. Rosenblatt Securities lifted their target price on Bitdeer Technologies Group from $18.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Finally, Citizens Jmp assumed coverage on shares of Bitdeer Technologies Group in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $35.00 price target on the stock. Ten analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $25.45.

Bitdeer Technologies Group Trading Down 8.1%

The company’s fifty day simple moving average is $15.63 and its 200-day simple moving average is $12.52. The firm has a market capitalization of $2.72 billion, a PE ratio of -3.35 and a beta of 2.47. The company has a debt-to-equity ratio of 1.88, a current ratio of 1.85 and a quick ratio of 1.11.

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). Bitdeer Technologies Group had a negative return on equity of 69.95% and a negative net margin of 68.11%.The company had revenue of $188.93 million for the quarter, compared to analysts’ expectations of $184.02 million. During the same period in the prior year, the firm earned ($0.37) EPS. The firm’s revenue for the quarter was up 169.5% on a year-over-year basis. As a group, sell-side analysts expect that Bitdeer Technologies Group will post -1.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. grew its holdings in Bitdeer Technologies Group by 167.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 483,022 shares of the company’s stock valued at $4,265,000 after buying an additional 302,548 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Bitdeer Technologies Group by 39.0% during the 2nd quarter. Legal & General Group Plc now owns 73,541 shares of the company’s stock worth $844,000 after acquiring an additional 20,640 shares during the period. New York State Common Retirement Fund acquired a new position in shares of Bitdeer Technologies Group during the 2nd quarter valued at about $326,000. Invesco Ltd. grew its holdings in shares of Bitdeer Technologies Group by 169.0% in the second quarter. Invesco Ltd. now owns 71,822 shares of the company’s stock valued at $825,000 after purchasing an additional 45,120 shares during the period. Finally, Marshall Wace LLP purchased a new stake in shares of Bitdeer Technologies Group in the second quarter valued at about $1,558,000. 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.