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

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BTDR. BTIG Research restated a “buy” rating and issued a $25.00 price target on shares of Bitdeer Technologies Group in a report on Wednesday, November 26th. B. Riley lowered their target price on Bitdeer Technologies Group from $32.00 to $29.00 and set a “buy” rating for the company in a research note on Wednesday, November 12th. Jones Trading started coverage on shares of Bitdeer Technologies Group in a report on Monday, October 6th. They set a “buy” rating and a $32.00 target price on the stock. Needham & Company LLC upped their price target on shares of Bitdeer Technologies Group from $17.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Finally, Benchmark reissued a “buy” rating on shares of Bitdeer Technologies Group in a research report on Monday, October 20th. Twelve equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.00.

Bitdeer Technologies Group Stock Down 6.5%

The company has a debt-to-equity ratio of 0.46, a current ratio of 0.90 and a quick ratio of 0.74. The firm has a 50-day moving average of $15.02 and a 200 day moving average of $14.80. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of -1.91 and a beta of 2.31.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced 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). The company had revenue of $169.71 million for the quarter, compared to the consensus estimate of $151.80 million. Bitdeer Technologies Group had a negative return on equity of 91.31% and a negative net margin of 115.59%.The company’s revenue for the quarter was up 173.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.35) EPS. As a group, sell-side analysts forecast that Bitdeer Technologies Group will post -0.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BTDR. Goldman Sachs Group Inc. raised its stake in Bitdeer Technologies Group by 167.6% in 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. Geode Capital Management LLC increased its holdings in shares of Bitdeer Technologies Group by 197.7% in 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 last quarter. Harvest Portfolios Group Inc. raised its position in shares of Bitdeer Technologies Group by 76.3% in the second quarter. Harvest Portfolios Group Inc. now owns 64,469 shares of the company’s stock valued at $740,000 after purchasing an additional 27,891 shares during the period. Highbridge Capital Management LLC acquired a new stake in shares of Bitdeer Technologies Group during the 2nd quarter worth about $3,255,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Bitdeer Technologies Group during the 2nd quarter worth about $501,000. Institutional investors own 22.25% of the company’s stock.

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.