Bitdeer Technologies Group (NASDAQ:BTDR) Stock Falls 7.8% – Here’s What Happened

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BTDR shares. Keefe, Bruyette & Woods reduced their price objective on shares of Bitdeer Technologies Group from $14.00 to $10.00 and set a “market perform” rating for the company in a research note on Thursday, August 13th. Barclays increased their target price on shares of Bitdeer Technologies Group from $15.00 to $17.00 and gave the stock an “overweight” rating in a research report on Friday, October 9th. Needham & Company LLC lowered their target price on shares of Bitdeer Technologies Group from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, August 11th. Rosenblatt Securities restated a “buy” rating and set a $25.00 target price on shares of Bitdeer Technologies Group in a report on Tuesday, September 15th. Finally, Benchmark reaffirmed a “buy” rating on shares of Bitdeer Technologies Group in a research report on Tuesday, August 11th. Ten research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $21.80.

Bitdeer Technologies Group Stock Up 2.7%

The stock has a market cap of $1.91 billion, a P/E ratio of -2.75 and a beta of 2.56. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.20. The business has a 50-day simple moving average of $10.75 and a 200-day simple moving average of $12.59.

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

Insider Buying and Selling at Bitdeer Technologies Group

In other news, insider Haris Basit bought 25,000 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were purchased at an average price of $8.84 per share, for a total transaction of $221,000.00. Following the acquisition, the insider directly owned 35,000 shares of the company’s stock, valued at $309,400. The trade was a 250.00% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Michael G. Potter bought 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The stock was purchased at an average price of $9.04 per share, for a total transaction of $226,000.00. Following the acquisition, the chief financial officer directly owned 25,000 shares in the company, valued at approximately $226,000. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of hedge funds have recently bought and sold shares of the company. Fund Resources Investment Holding Group Co Ltd increased its stake in shares of Bitdeer Technologies Group by 3.0% in the first quarter. Fund Resources Investment Holding Group Co Ltd now owns 9,440,418 shares of the company’s stock worth $81,660,000 after purchasing an additional 276,098 shares during the period. Situational Awareness LP lifted its position in shares of Bitdeer Technologies Group by 92.4% during the 1st 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. Bank of America Corp DE boosted its stake in Bitdeer Technologies Group by 1,366.7% during the 1st quarter. Bank of America Corp DE now owns 3,227,585 shares of the company’s stock valued at $27,919,000 after purchasing an additional 3,007,523 shares during the period. CastleKnight Management LP boosted its stake in Bitdeer Technologies Group by 14.8% during the 4th quarter. CastleKnight Management LP now owns 2,095,116 shares of the company’s stock valued at $23,486,000 after purchasing an additional 269,875 shares during the period. Finally, Bank of Nova Scotia boosted its stake in Bitdeer Technologies Group by 91.1% during the 1st quarter. Bank of Nova Scotia now owns 1,369,447 shares of the company’s stock valued at $11,846,000 after purchasing an additional 652,874 shares during the period. 22.25% of the stock is currently owned by institutional investors.

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.