Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down Following Analyst Downgrade

Bitdeer Technologies Group (NASDAQ:BTDR) gapped down before the market opened on Thursday after Cantor Fitzgerald downgraded the stock from an overweight rating to a neutral rating. The stock had previously closed at $10.36, but opened at $9.95. Cantor Fitzgerald now has a $10.00 price target on the stock, down from their previous price target of $20.00. Bitdeer Technologies Group shares last traded at $10.0520, with a volume of 1,131,585 shares.

Other equities research analysts have also recently issued reports about the company. Needham & Company LLC lowered their price objective on Bitdeer Technologies Group from $30.00 to $22.00 and set a “buy” rating on the stock in a research note on Friday, February 13th. UBS Group restated a “buy” rating on shares of Bitdeer Technologies Group in a research note on Thursday, February 12th. Rosenblatt Securities restated a “buy” rating and issued a $18.00 price objective on shares of Bitdeer Technologies Group in a research note on Wednesday, March 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Bitdeer Technologies Group in a research note on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $14.00 target price (down from $26.50) on shares of Bitdeer Technologies Group in a report on Tuesday, January 27th. Nine investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.20.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Empowered Funds LLC purchased a new position in Bitdeer Technologies Group during the 4th quarter valued at about $34,000. Kestra Advisory Services LLC purchased a new position in Bitdeer Technologies Group during the 4th quarter valued at about $39,000. Tower Research Capital LLC TRC grew its holdings in Bitdeer Technologies Group by 7,157.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,257 shares of the company’s stock valued at $83,000 after buying an additional 7,157 shares in the last quarter. Mariner LLC purchased a new position in shares of Bitdeer Technologies Group during the fourth quarter worth about $117,000. Finally, Entropy Technologies LP purchased a new position in shares of Bitdeer Technologies Group during the fourth quarter worth about $125,000. Hedge funds and other institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Stock Down 0.3%

The company has a debt-to-equity ratio of 0.28, a current ratio of 0.91 and a quick ratio of 0.75. The company has a market cap of $2.19 billion, a PE ratio of -3.29 and a beta of 2.28. The company has a fifty day moving average price of $9.29 and a 200 day moving average price of $13.34.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its quarterly earnings data on Thursday, February 12th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.59). Bitdeer Technologies Group had a return on equity of 8.92% and a net margin of 10.58%.The business had revenue of $224.84 million for the quarter, compared to analysts’ expectations of $208.25 million. Bitdeer Technologies Group’s revenue for the quarter was up 225.8% compared to the same quarter last year. As a group, analysts anticipate that Bitdeer Technologies Group will post -0.73 EPS for the current year.

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.