Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 6.4% on Analyst Downgrade

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price fell 6.4% during trading on Tuesday after Benchmark lowered their price target on the stock from $38.00 to $27.00. Benchmark currently has a buy rating on the stock. Bitdeer Technologies Group traded as low as $12.32 and last traded at $12.4190. 2,679,439 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 5,710,876 shares. The stock had previously closed at $13.27.

Several other equities research analysts have also issued reports on BTDR. Cantor Fitzgerald dropped their price objective on Bitdeer Technologies Group to $34.00 and set an “overweight” rating for the company in a research note on Tuesday, December 16th. Rosenblatt Securities lowered their price target on Bitdeer Technologies Group from $30.00 to $18.00 and set a “buy” rating on the stock in a report on Monday. BTIG Research reissued a “buy” rating on shares of Bitdeer Technologies Group in a report on Friday, January 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bitdeer Technologies Group in a research note on Wednesday, January 21st. Finally, B. Riley Financial cut their price target on shares of 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. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Bitdeer Technologies Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.90.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of hedge funds have recently made changes to their positions in BTDR. Fund Resources Investment Holding Group Co Ltd bought a new position in shares of Bitdeer Technologies Group during the 4th quarter valued at $102,732,000. Bank of America Corp DE boosted its position in Bitdeer Technologies Group by 67.5% during the second quarter. Bank of America Corp DE now owns 6,337,339 shares of the company’s stock valued at $72,753,000 after buying an additional 2,553,093 shares during the period. UBS Group AG grew its stake in shares of Bitdeer Technologies Group by 2.4% during the fourth quarter. UBS Group AG now owns 2,246,381 shares of the company’s stock valued at $25,182,000 after buying an additional 52,808 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Bitdeer Technologies Group by 10.5% during the fourth quarter. Geode Capital Management LLC now owns 1,698,818 shares of the company’s stock valued at $19,042,000 after buying an additional 161,701 shares during the last quarter. Finally, Azora Capital LP purchased a new position in shares of Bitdeer Technologies Group in the third quarter worth about $23,817,000. 22.25% of the stock is currently owned by institutional investors.

Bitdeer Technologies Group Stock Performance

The company has a market cap of $2.58 billion, a P/E ratio of -2.17 and a beta of 2.33. The business has a 50 day moving average price of $12.35 and a two-hundred day moving average price of $14.84. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.90.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its quarterly earnings results on Monday, November 10th. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($1.06). The company had revenue of $169.71 million during the quarter, compared to analysts’ expectations of $151.80 million. Bitdeer Technologies Group had a negative return on equity of 91.31% and a negative net margin of 115.59%.Bitdeer Technologies Group’s revenue for the quarter was up 173.7% on a year-over-year basis. During the same period last year, the firm earned ($0.35) earnings per share. On average, sell-side analysts anticipate that Bitdeer Technologies Group will post -0.73 earnings per share for the current year.

About Bitdeer Technologies Group

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.