Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 6.1% – What’s Next?

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price traded down 6.1% on Tuesday . The company traded as low as $10.88 and last traded at $10.9530. 2,405,527 shares traded hands during trading, a decline of 75% from the average session volume of 9,587,739 shares. The stock had previously closed at $11.66.

Analysts Set New Price Targets

A number of research analysts recently commented on BTDR shares. Needham & Company LLC decreased their price target on Bitdeer Technologies Group from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, August 11th. Cantor Fitzgerald raised Bitdeer Technologies Group from a “neutral” rating to an “overweight” rating and raised their target price for the company from $15.00 to $18.00 in a report on Wednesday, August 5th. Citizens Jmp started coverage on Bitdeer Technologies Group in a research note on Wednesday, June 24th. They issued a “market outperform” rating and a $35.00 price target on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $25.00 price target on shares of Bitdeer Technologies Group in a research note on Tuesday. Finally, Keefe, Bruyette & Woods lowered their price target on Bitdeer Technologies Group from $14.00 to $10.00 and set a “market perform” rating for the company in a report on Thursday, August 13th. Twelve investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $24.00.

Bitdeer Technologies Group Trading Down 6.0%

The business’s 50 day simple moving average is $11.13 and its two-hundred day simple moving average is $12.14. The stock has a market cap of $2.49 billion, a P/E ratio of -3.58 and a beta of 2.51. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.20.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its quarterly earnings results on Tuesday, June 30th. The company reported ($0.37) EPS for the quarter. Bitdeer Technologies Group had a negative net margin of 55.15% and a negative return on equity of 54.72%. The firm had revenue of $228.78 million during the quarter. As a group, analysts expect that Bitdeer Technologies Group will post -1.72 EPS for the current year.

Insider Transactions at Bitdeer Technologies Group

In other news, insider Haris Basit bought 25,000 shares of the company’s stock in a transaction 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 completion of the transaction, the insider owned 35,000 shares of the company’s stock, valued at $309,400. This trade represents a 250.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Michael Potter bought 25,000 shares of the company’s stock in a transaction on Wednesday, August 12th. The stock was purchased at an average price of $9.04 per share, with a total value of $226,000.00. Following the completion of the transaction, the chief financial officer directly owned 25,000 shares of the company’s stock, valued at approximately $226,000. The trade was a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in BTDR. GAMMA Investing LLC boosted its position in Bitdeer Technologies Group by 57.3% during the 2nd quarter. GAMMA Investing LLC now owns 2,476 shares of the company’s stock worth $39,000 after buying an additional 902 shares during the period. ProShare Advisors LLC grew its holdings in Bitdeer Technologies Group by 17.4% during 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 during the last quarter. The Manufacturers Life Insurance Company increased its position in Bitdeer Technologies Group by 9.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 33,940 shares of the company’s stock valued at $294,000 after acquiring an additional 2,950 shares during the period. FNY Investment Advisers LLC acquired a new position in Bitdeer Technologies Group in the 2nd quarter valued at approximately $66,000. Finally, Royal Bank of Canada raised its stake in shares of Bitdeer Technologies Group by 80.2% during the first quarter. Royal Bank of Canada now owns 9,548 shares of the company’s stock valued at $83,000 after acquiring an additional 4,250 shares during the last quarter. Institutional investors own 22.25% of the company’s stock.

About Bitdeer Technologies Group

Bitdeer Technologies Group (NASDAQ: BTDR) is a technology company focused on blockchain and high-performance computing infrastructure. Its primary business is cryptocurrency mining, including self-mining, hash rate sharing and mining machine hosting services. The company provides customers with access to mining capacity, data-center infrastructure and related operational support.

Bitdeer also designs and develops application-specific integrated circuit (ASIC) mining machines through its SEALMINER product line.