Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 7.1% – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR) shares were down 7.1% on Friday . The stock traded as low as $13.38 and last traded at $13.3130. Approximately 1,929,631 shares were traded during trading, a decline of 78% from the average session volume of 8,610,966 shares. The stock had previously closed at $14.33.

Analyst Ratings Changes

BTDR has been the topic of a number of recent analyst reports. Weiss Ratings raised Bitdeer Technologies Group from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Monday, May 18th. Rosenblatt Securities lifted their price target on Bitdeer Technologies Group from $18.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Keefe, Bruyette & Woods restated a “market perform” rating on shares of Bitdeer Technologies Group in a report on Wednesday, May 20th. Citizens Jmp initiated coverage on shares of Bitdeer Technologies Group in a research note on Wednesday, June 24th. They set a “market outperform” rating and a $35.00 price objective for the company. Finally, Wall Street Zen cut shares of Bitdeer Technologies Group from a “sell” rating to a “strong sell” rating in a report on Saturday, May 2nd. Ten equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $25.45.

Bitdeer Technologies Group Stock Performance

The firm’s 50 day simple moving average is $15.62 and its 200-day simple moving average is $12.48. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of -3.99 and a beta of 2.47. The company has a debt-to-equity ratio of 1.88, a quick ratio of 1.11 and a current ratio of 1.85.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its earnings results on Thursday, May 14th. The company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.21). Bitdeer Technologies Group had a negative return on equity of 69.95% and a negative net margin of 68.11%.The business had revenue of $188.93 million during the quarter, compared to analyst estimates of $184.02 million. During the same period last year, the business earned ($0.37) EPS. The business’s quarterly revenue was up 169.5% on a year-over-year basis. Analysts expect that Bitdeer Technologies Group will post -1.18 EPS for the current year.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of large investors have recently made changes to their positions in the business. GAMMA Investing LLC lifted its position in shares of Bitdeer Technologies Group by 57.3% in the second quarter. GAMMA Investing LLC now owns 2,476 shares of the company’s stock worth $39,000 after purchasing an additional 902 shares in the last quarter. Empowered Funds LLC acquired a new stake in shares of Bitdeer Technologies Group during the fourth quarter worth approximately $34,000. Kestra Advisory Services LLC purchased a new position in Bitdeer Technologies Group during the fourth quarter valued at approximately $39,000. FNY Investment Advisers LLC purchased a new position in Bitdeer Technologies Group during the second quarter valued at approximately $66,000. Finally, Hollencrest Capital Management acquired a new position in Bitdeer Technologies Group in the 1st quarter valued at approximately $43,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

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.