Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 10.3% on Disappointing Earnings

Bitdeer Technologies Group (NASDAQ:BTDR) shares dropped 10.3% during mid-day trading on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $13.17 and last traded at $13.2330. Approximately 1,505,291 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 7,574,158 shares. The stock had previously closed at $14.75.

The company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.21). The company had revenue of $188.93 million during the quarter, compared to analyst estimates of $184.75 million. Bitdeer Technologies Group had a net margin of 10.58% and a return on equity of 8.92%. The company’s quarterly revenue was up 169.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.37) EPS.

Bitdeer Technologies Group News Roundup

Here are the key news stories impacting Bitdeer Technologies Group this week:

• Positive Sentiment: Rosenblatt Securities raised its price target on Bitdeer Technologies Group from $18 to $25 and reiterated a buy rating, signaling the most bullish outlook among the recent updates. Benzinga report
• Positive Sentiment: Needham also lifted its target, from $18 to $19, while keeping a buy rating, suggesting analysts see room for more upside after the earnings release. Tickerreport.com
• Neutral Sentiment: Cantor Fitzgerald raised its target from $11 to $15 but kept a neutral rating, indicating a more cautious stance even as it sees modest upside from current levels. Benzinga report

Analyst Ratings Changes

BTDR has been the topic of a number of analyst reports. Benchmark reduced their price objective on shares of Bitdeer Technologies Group from $38.00 to $27.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. HC Wainwright dropped their target price on shares of Bitdeer Technologies Group from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, February 12th. Zacks Research downgraded Bitdeer Technologies Group from a “hold” rating to a “strong sell” rating in a report on Monday, March 16th. Rosenblatt Securities lifted their price objective on Bitdeer Technologies Group from $18.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Wall Street Zen downgraded Bitdeer Technologies Group from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 2nd. Nine investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.10.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. First Trust Advisors LP grew its holdings in Bitdeer Technologies Group by 2.2% during the third quarter. First Trust Advisors LP now owns 40,138 shares of the company’s stock worth $686,000 after buying an additional 878 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in Bitdeer Technologies Group by 5.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 20,800 shares of the company’s stock valued at $355,000 after acquiring an additional 1,100 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Bitdeer Technologies Group by 1.3% during the 3rd quarter. Alliancebernstein L.P. now owns 104,787 shares of the company’s stock valued at $1,791,000 after acquiring an additional 1,307 shares in the last quarter. Invesco Ltd. boosted its holdings in Bitdeer Technologies Group by 3.7% during the 4th quarter. Invesco Ltd. now owns 71,930 shares of the company’s stock worth $806,000 after acquiring an additional 2,597 shares during the last quarter. Finally, ProShare Advisors LLC grew its stake in shares of Bitdeer Technologies Group by 17.4% in the 4th quarter. ProShare Advisors LLC now owns 18,023 shares of the company’s stock worth $202,000 after acquiring an additional 2,670 shares in the last quarter. Hedge funds and other institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Stock Performance

The company’s fifty day moving average price is $10.36 and its 200 day moving average price is $11.99. The company has a market cap of $3.11 billion, a PE ratio of -4.23 and a beta of 2.32. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.91 and a quick ratio of 0.75.

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.