Bitdeer Technologies Group (NASDAQ:BTDR) Sets New 1-Year Low – What’s Next?

Bitdeer Technologies Group (NASDAQ:BTDR) hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $5.97 and last traded at $5.7470, with a volume of 783,068 shares traded. The stock had previously closed at $6.53.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on BTDR shares. Cantor Fitzgerald restated an “overweight” rating on shares of Bitdeer Technologies Group in a report on Monday, October 26th. HC Wainwright restated a “buy” rating on shares of Bitdeer Technologies Group in a report on Friday, October 2nd. Keefe, Bruyette & Woods decreased their price target 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. Rosenblatt Securities reiterated a “buy” rating and set a $25.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday, September 15th. Finally, Benchmark reissued a “buy” rating on shares of Bitdeer Technologies Group in a research report on Tuesday, August 11th. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $21.60.

Bitdeer Technologies Group Trading Down 20.8%

The firm has a fifty day moving average of $10.00 and a two-hundred day moving average of $11.60. The company has a market cap of $1.18 billion, a PE ratio of -1.68 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 (NASDAQ:BTDR) last posted its earnings results on Tuesday, June 30th. The company reported ($0.37) earnings per share for the quarter. The firm had revenue of $228.78 million for the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. As a group, sell-side analysts predict that Bitdeer Technologies Group will post -1.68 EPS for the current year.

Insider Buying and Selling at Bitdeer Technologies Group

In other Bitdeer Technologies Group news, insider Haris Basit purchased 25,000 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was purchased at an average price of $8.84 per share, for a total transaction of $221,000.00. Following the completion of the purchase, the insider directly 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Michael Potter purchased 25,000 shares of the company’s stock in a transaction dated 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 purchase, the chief financial officer owned 25,000 shares in the company, valued at approximately $226,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Fund Resources Investment Holding Group Co Ltd purchased a new stake in shares of Bitdeer Technologies Group in the 3rd quarter worth $8,353,000. Funde Sino Life Insurance Co Ltd acquired a new position in shares of Bitdeer Technologies Group during the third quarter valued at about $109,795,000. CenterBook Partners LP acquired a new stake in shares of Bitdeer Technologies Group during the third quarter worth $397,000. SBI Securities Co. Ltd. increased its holdings in shares of Bitdeer Technologies Group by 80.7% in the third quarter. SBI Securities Co. Ltd. now owns 4,621 shares of the company’s stock valued at $48,000 after purchasing an additional 2,064 shares during the period. Finally, Vontobel Holding Ltd. raised its position in Bitdeer Technologies Group by 89.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 21,677 shares of the company’s stock worth $227,000 after buying an additional 10,238 shares during the last quarter. Hedge funds and other 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.