Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 4.7% – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR) dropped 4.7% on Friday . The stock traded as low as $11.85 and last traded at $12.06. Approximately 858,065 shares were traded during trading, a decline of 86% from the average daily volume of 6,040,391 shares. The stock had previously closed at $12.65.

Analyst Ratings Changes

Several analysts have recently commented on BTDR shares. Weiss Ratings restated a “sell (d-)” rating on shares of Bitdeer Technologies Group in a research note on Wednesday, October 8th. Needham & Company LLC raised their price objective on Bitdeer Technologies Group from $17.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Rosenblatt Securities upped their target price on Bitdeer Technologies Group from $20.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, November 11th. HC Wainwright reduced their price target on shares of Bitdeer Technologies Group from $32.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Finally, Cantor Fitzgerald boosted their price target on shares of Bitdeer Technologies Group from $30.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Twelve equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.33.

Bitdeer Technologies Group Trading Down 6.6%

The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.90. The firm has a market capitalization of $2.50 billion, a P/E ratio of -2.10 and a beta of 2.31. The firm has a 50 day simple moving average of $17.83 and a two-hundred day simple moving average of $15.11.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its earnings results on Monday, November 10th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($1.06). Bitdeer Technologies Group had a negative return on equity of 91.31% and a negative net margin of 115.59%.The firm had revenue of $169.71 million during the quarter, compared to the consensus estimate of $151.80 million. During the same quarter in the previous year, the company earned ($0.35) EPS. The business’s revenue was up 173.7% compared to the same quarter last year. Equities research analysts forecast that Bitdeer Technologies Group will post -0.73 earnings per share for the current year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. grew its position in shares of Bitdeer Technologies Group by 167.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 483,022 shares of the company’s stock valued at $4,265,000 after acquiring an additional 302,548 shares during the period. Deutsche Bank AG lifted its stake in Bitdeer Technologies Group by 198.3% in 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 last quarter. Geode Capital Management LLC grew its holdings in Bitdeer Technologies Group by 197.7% during the second quarter. Geode Capital Management LLC now owns 1,592,504 shares of the company’s stock valued at $18,280,000 after purchasing an additional 1,057,552 shares during the period. Harvest Portfolios Group Inc. increased its position in Bitdeer Technologies Group by 76.3% in the second quarter. Harvest Portfolios Group Inc. now owns 64,469 shares of the company’s stock worth $740,000 after buying an additional 27,891 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Bitdeer Technologies Group by 45.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 537,082 shares of the company’s stock valued at $4,742,000 after buying an additional 168,304 shares during the period. Institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and Hash rate marketplace; and a one-stop mining machine hosting solutions encompassing deployment, maintenance, and management services for efficient cryptocurrency mining; as well as mines cryptocurrencies for its own account.