Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 5.3% – Should You Sell?

Bitdeer Technologies Group (NASDAQ:BTDR) traded down 5.3% during mid-day trading on Friday. The company traded as low as $11.64 and last traded at $11.5090. Approximately 965,267 shares traded hands during trading, a decline of 90% from the average daily volume of 9,600,835 shares. The stock had previously closed at $12.15.

Analyst Upgrades and Downgrades

BTDR has been the topic of several recent research reports. Cantor Fitzgerald upgraded Bitdeer Technologies Group from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $15.00 to $18.00 in a research note on Wednesday, August 5th. Needham & Company LLC dropped their target price on Bitdeer Technologies Group from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, August 11th. B. Riley Financial reduced their price target on Bitdeer Technologies Group from $23.00 to $21.00 and set a “buy” rating for the company in a report on Thursday, August 13th. Zacks Research raised Bitdeer Technologies Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Bitdeer Technologies Group from $14.00 to $10.00 and set a “market perform” rating on the stock in a research note on Thursday, August 13th. Twelve investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

Bitdeer Technologies Group Stock Performance

The business’s fifty day moving average is $11.04 and its 200-day moving average is $12.38. 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 company has a market cap of $2.64 billion, a PE ratio of -3.77 and a beta of 2.51.

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 firm had revenue of $228.78 million during the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. As a group, research analysts predict that Bitdeer Technologies Group will post -1.72 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Bitdeer Technologies Group

Several hedge funds and other institutional investors have recently made changes to their positions in BTDR. GAMMA Investing LLC boosted its stake in shares of Bitdeer Technologies Group by 57.3% during the second quarter. GAMMA Investing LLC now owns 2,476 shares of the company’s stock valued at $39,000 after purchasing an additional 902 shares in the last quarter. ProShare Advisors LLC lifted its holdings in Bitdeer Technologies Group by 17.4% during the fourth quarter. ProShare Advisors LLC now owns 18,023 shares of the company’s stock worth $202,000 after buying an additional 2,670 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Bitdeer Technologies Group by 9.5% during the first quarter. The Manufacturers Life Insurance Company now owns 33,940 shares of the company’s stock worth $294,000 after buying an additional 2,950 shares during the period. FNY Investment Advisers LLC bought a new stake in Bitdeer Technologies Group during the 2nd quarter valued at $66,000. Finally, Royal Bank of Canada increased its holdings in shares of Bitdeer Technologies Group by 80.2% in the 1st quarter. Royal Bank of Canada now owns 9,548 shares of the company’s stock valued at $83,000 after acquiring an additional 4,250 shares during the period. Hedge funds and other institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group (NASDAQ: BTDR) is a technology company focused on blockchain and high-performance computing infrastructure. Its primary business is cryptocurrency mining, including self-mining, hash rate sharing and mining machine hosting services. The company provides customers with access to mining capacity, data-center infrastructure and related operational support.

Bitdeer also designs and develops application-specific integrated circuit (ASIC) mining machines through its SEALMINER product line.