Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 6.1% – Should You Sell?

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price traded down 6.1% during trading on Tuesday . The stock traded as low as $10.88 and last traded at $10.9530. 2,405,527 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 9,587,739 shares. The stock had previously closed at $11.66.

Analyst Ratings Changes

BTDR has been the topic of several analyst reports. Weiss Ratings restated a “hold (c-)” rating on shares of Bitdeer Technologies Group in a report on Thursday, August 13th. Keefe, Bruyette & Woods cut 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 report on Thursday, August 13th. Barclays began coverage on shares of Bitdeer Technologies Group in a research note on Thursday, August 20th. They set an “overweight” rating and a $15.00 price objective on the stock. Zacks Research raised shares of Bitdeer Technologies Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Finally, B. Riley Financial reduced their price target on shares of Bitdeer Technologies Group from $23.00 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. Twelve equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $24.00.

Bitdeer Technologies Group Price Performance

The company has a debt-to-equity ratio of 1.20, a current ratio of 1.01 and a quick ratio of 1.01. The company has a fifty day moving average price of $11.06 and a 200 day moving average price of $12.18. The company has a market capitalization of $2.51 billion, a P/E ratio of -3.60 and a beta of 2.51.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its quarterly earnings data on Tuesday, June 30th. The company reported ($0.37) earnings per share (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. On average, sell-side analysts forecast that Bitdeer Technologies Group will post -1.72 EPS for the current fiscal year.

Insider Activity

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

Institutional Trading of Bitdeer Technologies Group

Large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its stake in shares of 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 worth $27,919,000 after purchasing an additional 3,007,523 shares during the last quarter. Situational Awareness LP boosted its holdings in Bitdeer Technologies Group by 92.4% during the first quarter. Situational Awareness LP now owns 3,439,450 shares of the company’s stock worth $29,751,000 after buying an additional 1,651,450 shares in the last quarter. Bank of Nova Scotia boosted its holdings in Bitdeer Technologies Group by 91.1% during the first quarter. Bank of Nova Scotia now owns 1,369,447 shares of the company’s stock worth $11,846,000 after buying an additional 652,874 shares in the last quarter. Capital Research Global Investors acquired a new position in Bitdeer Technologies Group in the fourth quarter worth approximately $6,009,000. Finally, BlueCrest Capital Management Ltd grew its position in Bitdeer Technologies Group by 5,167.0% in the second quarter. BlueCrest Capital Management Ltd now owns 506,700 shares of the company’s stock worth $8,041,000 after buying an additional 516,700 shares during the last quarter. 22.25% of the stock is currently owned by institutional investors and hedge funds.

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.