Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 10.6% – Should You Sell?

Bitdeer Technologies Group (NASDAQ:BTDR) shares traded down 10.6% during mid-day trading on Friday . The company traded as low as $17.21 and last traded at $17.54. 3,121,923 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 8,164,279 shares. The stock had previously closed at $19.63.

Analyst Upgrades and Downgrades

BTDR has been the subject of several recent analyst reports. Keefe, Bruyette & Woods restated a “market perform” rating on shares of Bitdeer Technologies Group in a research report on Wednesday, May 20th. Benchmark dropped their price target on shares of Bitdeer Technologies Group from $38.00 to $27.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. B. Riley Financial raised their price target on shares of Bitdeer Technologies Group from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Cantor Fitzgerald lifted their price target on shares of Bitdeer Technologies Group from $11.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, May 15th. Finally, UBS Group reiterated a “buy” rating on shares of Bitdeer Technologies Group in a report on Thursday, February 12th. Nine analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.50.

Bitdeer Technologies Group Stock Performance

The firm’s fifty day moving average is $12.75 and its 200-day moving average is $11.61. The company has a current ratio of 1.85, a quick ratio of 1.11 and a debt-to-equity ratio of 1.88. The stock has a market capitalization of $4.12 billion, a PE ratio of -5.08 and a beta of 2.45.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its earnings results on Thursday, May 14th. The company reported ($0.68) earnings per share for the quarter, missing the consensus estimate 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 last year, the business earned ($0.37) EPS. The company’s quarterly revenue was up 169.5% compared to the same quarter last year. As a group, research analysts anticipate that Bitdeer Technologies Group will post -1.18 earnings per share for the current year.

Institutional Trading of Bitdeer Technologies Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its position in shares of Bitdeer Technologies Group by 167.6% during the first quarter. Goldman Sachs Group Inc. now owns 483,022 shares of the company’s stock worth $4,265,000 after buying an additional 302,548 shares during the period. Legal & General Group Plc lifted its stake in 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 in the last quarter. New York State Common Retirement Fund purchased a new position in Bitdeer Technologies Group during the 2nd quarter valued at about $326,000. Invesco Ltd. grew its position in Bitdeer Technologies Group by 169.0% in the 2nd quarter. Invesco Ltd. now owns 71,822 shares of the company’s stock valued at $825,000 after acquiring an additional 45,120 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in Bitdeer Technologies Group in the 2nd quarter valued at about $1,558,000. Hedge funds and other institutional investors 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.