Bitdeer Technologies Group (NASDAQ:BTDR) Price Target Cut to $14.00 by Analysts at Barclays

Bitdeer Technologies Group (NASDAQ:BTDR) had its price target reduced by Barclays from $17.00 to $14.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods lowered their target price on shares of Bitdeer Technologies Group from $14.00 to $10.00 and set a “market perform” rating for the company in a research note on Thursday, August 13th. Weiss Ratings downgraded shares of Bitdeer Technologies Group from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. Benchmark restated a “buy” rating on shares of Bitdeer Technologies Group in a report on Tuesday, August 11th. Cantor Fitzgerald restated an “overweight” rating on shares of Bitdeer Technologies Group in a report on Monday, October 26th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $25.00 price objective on shares of Bitdeer Technologies Group in a research report on Tuesday, September 15th. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.10.

Bitdeer Technologies Group Stock Performance

NASDAQ BTDR opened at $7.03 on Wednesday. The stock has a market cap of $1.60 billion, a PE ratio of -3.14 and a beta of 2.72. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.20. Bitdeer Technologies Group has a twelve month low of $5.03 and a twelve month high of $20.72. The stock has a fifty day simple moving average of $9.55 and a 200-day simple moving average of $11.39.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its quarterly earnings data on Tuesday, November 10th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.13). The business had revenue of $320.75 million for the quarter, compared to analyst estimates of $258.18 million. Bitdeer Technologies Group had a negative return on equity of 34.08% and a negative net margin of 31.84%. The firm’s revenue for the quarter was up 89.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.28) earnings per share. Equities analysts anticipate that Bitdeer Technologies Group will post -1.68 earnings per share for the current year.

Insider Transactions at Bitdeer Technologies Group

In other news, insider Haris Basit bought 25,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were purchased at an average price of $8.84 per share, with a total value of $221,000.00. Following the purchase, the insider owned 35,000 shares in the company, valued at approximately $309,400. The trade was a 250.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Hedge Funds Weigh In On Bitdeer Technologies Group

Institutional investors have recently bought and sold shares of the company. Yong Rong HK Asset Management Ltd acquired a new stake in shares of Bitdeer Technologies Group during the third quarter worth about $22,029,000. Russell Investments Group Ltd. boosted its stake in shares of Bitdeer Technologies Group by 44.6% in the third quarter. Russell Investments Group Ltd. now owns 149,830 shares of the company’s stock valued at $1,572,000 after purchasing an additional 46,224 shares during the period. Fund Resources Investment Holding Group Co Ltd acquired a new position in shares of Bitdeer Technologies Group in the third quarter valued at approximately $8,353,000. Funde Sino Life Insurance Co Ltd acquired a new position in shares of Bitdeer Technologies Group in the third quarter valued at approximately $109,795,000. Finally, CenterBook Partners LP acquired a new position in shares of Bitdeer Technologies Group in the third quarter valued at approximately $397,000. 22.25% of the stock is owned by institutional investors and hedge funds.

Latest Bitdeer Technologies Group News

These are some of the BTDR news items that stood out recently:

• Positive Sentiment: Q3 revenue reached a record $320.7 million, up 89% year over year and well above estimates of $258.18 million. Adjusted EBITDA rose 173% to $69.6 million, highlighting significant business growth. Bitdeer Q3 results
• Positive Sentiment: Bitdeer said it is targeting crypto-mining infrastructure capital spending of $200 million or less, while the first phase of its Tydal project remains on track for year-end delivery. Cost discipline and execution could support investor confidence. Capex and Tydal update
• Neutral Sentiment: Barclays lowered its price target from $17 to $14 but kept an Overweight rating; Needham cut its target from $20 to $18 and maintained a Buy rating. The target reductions temper the analysts’ continued optimism. Barclays rating Needham rating

About Bitdeer Technologies Group

Bitdeer Technologies Group is a technology company focused on cryptocurrency mining and related infrastructure. Its business includes operating mining data centers, mining digital assets for its own account, and providing hosting services that allow customers to deploy and operate mining equipment. The company also develops and sells cryptocurrency mining machines and offers cloud hash rate services, which provide customers access to computing capacity for mining without requiring them to operate the equipment themselves.