Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 5.6% – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price dropped 5.6% during mid-day trading on Friday . The company traded as low as $10.86 and last traded at $10.8450. Approximately 1,866,773 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 6,015,773 shares. The stock had previously closed at $11.49.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BTDR shares. BTIG Research reissued a “buy” rating and set a $25.00 price objective on shares of Bitdeer Technologies Group in a report on Wednesday, November 26th. Needham & Company LLC lifted their price target on Bitdeer Technologies Group from $17.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Jones Trading initiated coverage on Bitdeer Technologies Group in a report on Monday, October 6th. They issued a “buy” rating and a $32.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Bitdeer Technologies Group in a research note on Wednesday, October 8th. Finally, Roth Capital reiterated a “buy” rating and issued a $40.00 target price on shares of Bitdeer Technologies Group in a research report on Wednesday, October 15th. Twelve equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.00.

Bitdeer Technologies Group Stock Performance

The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of -1.92 and a beta of 2.31. The stock has a 50 day simple moving average of $15.29 and a 200 day simple moving average of $14.82. The company has a quick ratio of 0.74, a current ratio of 0.90 and a debt-to-equity ratio of 0.46.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its quarterly earnings data on Monday, November 10th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($1.06). Bitdeer Technologies Group had a negative net margin of 115.59% and a negative return on equity of 91.31%. The company had revenue of $169.71 million for the quarter, compared to analyst estimates of $151.80 million. During the same quarter in the prior year, the firm earned ($0.35) EPS. The company’s revenue for the quarter was up 173.7% compared to the same quarter last year. As a group, analysts anticipate that Bitdeer Technologies Group will post -0.73 earnings per share for the current fiscal year.

Institutional Trading of Bitdeer Technologies Group

Several hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in shares of Bitdeer Technologies Group by 45.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 537,082 shares of the company’s stock worth $4,742,000 after buying an additional 168,304 shares during the period. Deutsche Bank AG increased its holdings in shares of Bitdeer Technologies Group by 198.3% during the first quarter. Deutsche Bank AG now owns 49,301 shares of the company’s stock valued at $435,000 after purchasing an additional 32,776 shares during the period. Invesco Ltd. raised its stake in shares of Bitdeer Technologies Group by 37.9% during the first quarter. Invesco Ltd. now owns 26,702 shares of the company’s stock valued at $236,000 after purchasing an additional 7,345 shares in the last quarter. Graham Capital Management L.P. bought a new stake in shares of Bitdeer Technologies Group during the first quarter valued at about $551,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Bitdeer Technologies Group in the first quarter worth about $1,168,000. 22.25% of the stock is currently owned by institutional investors.

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.