Bitdeer Technologies Group (NASDAQ:BTDR) Upgraded to Sell at Wall Street Zen

Wall Street Zen upgraded shares of Bitdeer Technologies Group (NASDAQ:BTDR) from a strong sell rating to a sell rating in a research report report published on Saturday morning,Wall Street Zen reports.

Other research analysts have also issued research reports about the company. Benchmark restated a “buy” rating on shares of Bitdeer Technologies Group in a research report on Tuesday, August 11th. B. Riley Financial decreased their price target on Bitdeer Technologies Group from $21.00 to $19.00 and set a “buy” rating for the company in a research note on Friday. Cantor Fitzgerald reissued an “overweight” rating on shares of Bitdeer Technologies Group in a research note on Monday, October 26th. Needham & Company LLC dropped their price objective on Bitdeer Technologies Group from $22.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, August 11th. Finally, Keefe, Bruyette & Woods reduced their target price on Bitdeer Technologies Group from $14.00 to $10.00 and set a “market perform” rating on the stock in a research note on Thursday, August 13th. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.60.

Bitdeer Technologies Group Stock Down 11.5%

NASDAQ BTDR opened at $6.71 on Friday. Bitdeer Technologies Group has a 52 week low of $6.42 and a 52 week high of $24.30. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of -2.19 and a beta of 2.56. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.20. The company has a fifty day moving average of $10.27 and a two-hundred day moving average of $11.72.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its earnings results on Tuesday, June 30th. The company reported ($0.37) earnings per share (EPS) for the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. The firm had revenue of $228.78 million during the quarter. On average, analysts predict that Bitdeer Technologies Group will post -1.68 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Michael Potter purchased 25,000 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was purchased at an average price of $9.04 per share, for a total transaction of $226,000.00. Following the completion of the acquisition, the chief financial officer owned 25,000 shares of the company’s stock, valued at approximately $226,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Haris Basit acquired 25,000 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was purchased at an average cost of $8.84 per share, for a total transaction of $221,000.00. Following the purchase, the insider owned 35,000 shares of the company’s stock, valued at $309,400. This represents a 250.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of hedge funds and other institutional investors have recently made changes to their positions in BTDR. Bank of America Corp DE lifted its position in shares of Bitdeer Technologies Group by 1,366.7% in the 1st quarter. Bank of America Corp DE now owns 3,227,585 shares of the company’s stock worth $27,919,000 after purchasing an additional 3,007,523 shares during the period. Situational Awareness LP raised its stake in Bitdeer Technologies Group by 92.4% in the first quarter. Situational Awareness LP now owns 3,439,450 shares of the company’s stock worth $29,751,000 after buying an additional 1,651,450 shares in the last quarter. Bank of Nova Scotia raised its stake in Bitdeer Technologies Group by 91.1% in the first quarter. Bank of Nova Scotia now owns 1,369,447 shares of the company’s stock worth $11,846,000 after buying an additional 652,874 shares in the last quarter. BlueCrest Capital Management Ltd lifted its holdings in Bitdeer Technologies Group by 5,167.0% during the second quarter. BlueCrest Capital Management Ltd now owns 506,700 shares of the company’s stock worth $8,041,000 after buying an additional 516,700 shares during the period. Finally, Q Fund Management Hong Kong Ltd purchased a new stake in Bitdeer Technologies Group during the third quarter worth $3,321,000. Institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group is a technology company focused on cryptocurrency mining and related infrastructure. The company operates a vertically integrated platform that includes cryptocurrency mining, miner hosting, and hash rate sharing services, allowing customers to participate in digital asset mining without managing all of the underlying hardware and facilities.

Bitdeer conducts self-mining operations and provides data center services for mining equipment. It also develops and manufactures application-specific integrated circuit (ASIC) mining machines through its SEALMINER product line, with the goal of improving mining performance and energy efficiency.