Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 9.5% on Analyst Downgrade

Bitdeer Technologies Group (NASDAQ:BTDR) dropped 9.5% during mid-day trading on Monday after B. Riley Financial lowered their price target on the stock from $21.00 to $19.00. B. Riley Financial currently has a buy rating on the stock. Bitdeer Technologies Group traded as low as $6.12 and last traded at $6.0710. Approximately 4,943,944 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 9,676,359 shares. The stock had previously closed at $6.71.

BTDR has been the subject of several other reports. HC Wainwright restated a “buy” rating on shares of Bitdeer Technologies Group in a research report on Friday, October 2nd. Needham & Company LLC reduced their price objective on shares of Bitdeer Technologies Group from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, August 11th. Benchmark reiterated a “buy” rating on shares of Bitdeer Technologies Group in a report on Tuesday, August 11th. Barclays lifted 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. Finally, Keefe, Bruyette & Woods decreased their price objective on Bitdeer Technologies Group from $14.00 to $10.00 and set a “market perform” rating for the company in a research report on Thursday, August 13th. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $21.60.

Insiders Place Their Bets

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

Institutional Trading of Bitdeer Technologies Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE increased its stake in Bitdeer Technologies Group by 1,366.7% in 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 buying an additional 3,007,523 shares during the last quarter. Situational Awareness LP grew its holdings in shares of Bitdeer Technologies Group by 92.4% in the 1st quarter. Situational Awareness LP now owns 3,439,450 shares of the company’s stock valued at $29,751,000 after acquiring an additional 1,651,450 shares in the last quarter. Bank of Nova Scotia grew its holdings in shares of Bitdeer Technologies Group by 91.1% in the 1st quarter. Bank of Nova Scotia now owns 1,369,447 shares of the company’s stock valued at $11,846,000 after acquiring an additional 652,874 shares in the last quarter. BlueCrest Capital Management Ltd grew its holdings in shares of Bitdeer Technologies Group by 5,167.0% in the 2nd quarter. BlueCrest Capital Management Ltd now owns 506,700 shares of the company’s stock valued at $8,041,000 after acquiring an additional 516,700 shares in the last quarter. Finally, Q Fund Management Hong Kong Ltd acquired a new stake in shares of Bitdeer Technologies Group in the third quarter valued at about $3,321,000. 22.25% of the stock is currently owned by institutional investors and hedge funds.

Bitdeer Technologies Group Stock Down 10.0%

The firm has a market cap of $1.37 billion, a P/E ratio of -1.99 and a beta of 2.72. 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 firm has a fifty day moving average of $10.27 and a 200-day moving average of $11.72.

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

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group is a technology company focused on cryptocurrency mining and related infrastructure. The company operates a vertically integrated platform that includes cryptocurrency mining, miner hosting, and hash rate sharing services, allowing customers to participate in digital asset mining without managing all of the underlying hardware and facilities.

Bitdeer conducts self-mining operations and provides data center services for mining equipment. It also develops and manufactures application-specific integrated circuit (ASIC) mining machines through its SEALMINER product line, with the goal of improving mining performance and energy efficiency.