Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 5.5%

Bitdeer Technologies Group (NASDAQ:BTDR) fell 5.5% during mid-day trading on Monday . The stock traded as low as $6.38 and last traded at $6.51. 93,122 shares changed hands during trading, a decline of 95% from the average session volume of 1,979,898 shares. The stock had previously closed at $6.89.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a research report on Tuesday, August 13th. Rosenblatt Securities reiterated a “buy” rating and issued a $9.00 target price on shares of Bitdeer Technologies Group in a report on Wednesday, August 14th. Roth Mkm restated a “buy” rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a report on Monday, July 1st. Cantor Fitzgerald reiterated an “overweight” rating and set a $13.00 price objective on shares of Bitdeer Technologies Group in a research note on Tuesday, September 3rd. Finally, B. Riley raised their target price on shares of Bitdeer Technologies Group from $9.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $14.00.

Bitdeer Technologies Group Stock Performance

The company has a market capitalization of $753.53 million, a price-to-earnings ratio of -16.80 and a beta of 1.90. The business’s 50 day moving average is $8.21 and its 200 day moving average is $7.53.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.06). The company had revenue of $99.23 million for the quarter, compared to analyst estimates of $110.79 million. Bitdeer Technologies Group had a negative return on equity of 2.56% and a negative net margin of 5.69%. Sell-side analysts predict that Bitdeer Technologies Group will post -0.17 EPS for the current year.

Institutional Trading of Bitdeer Technologies Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Central Asset Investments & Management Holdings HK Ltd purchased a new position in shares of Bitdeer Technologies Group in the second quarter worth about $272,000. XTX Topco Ltd acquired a new stake in Bitdeer Technologies Group during the 2nd quarter valued at approximately $276,000. Symmetry Investments LP purchased a new stake in shares of Bitdeer Technologies Group in the 2nd quarter valued at $432,000. Virtu Financial LLC purchased a new stake in shares of Bitdeer Technologies Group in the 1st quarter valued at $431,000. Finally, Thomist Capital Management LP acquired a new stake in shares of Bitdeer Technologies Group in the second quarter worth $1,156,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

About Bitdeer Technologies Group

Bitdeer Technologies Group operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and Hash rate marketplace; and a one-stop mining machine hosting solutions encompassing deployment, maintenance, and management services for efficient cryptocurrency mining; as well as mines cryptocurrencies for its own account.