Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down on Disappointing Earnings

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $6.61, but opened at $6.24. Bitdeer Technologies Group shares last traded at $6.3720, with a volume of 1,143,091 shares.

The company reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.13). The company had revenue of $320.75 million during the quarter, compared to analysts’ expectations of $258.18 million. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. The company’s revenue for the quarter was up 89.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.28) EPS.

Wall Street Analyst Weigh In

BTDR has been the subject of several recent analyst reports. B. Riley Financial decreased their target price on shares of Bitdeer Technologies Group from $21.00 to $19.00 and set a “buy” rating for the company in a report on Friday, October 30th. Wall Street Zen upgraded shares of Bitdeer Technologies Group from a “strong sell” rating to a “sell” rating in a report on Saturday, October 31st. Cantor Fitzgerald restated an “overweight” rating on shares of Bitdeer Technologies Group in a report on Monday, October 26th. Weiss Ratings downgraded shares of Bitdeer Technologies Group from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. Finally, Keefe, Bruyette & Woods decreased their price objective 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. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.60.

Insiders Place Their Bets

In other Bitdeer Technologies Group news, CFO Michael G. Potter acquired 25,000 shares of Bitdeer Technologies Group stock in a transaction that occurred on Wednesday, August 12th. The stock was purchased at an average cost of $9.04 per share, with a total value of $226,000.00. Following 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Haris Basit acquired 25,000 shares of Bitdeer Technologies Group stock in a transaction that occurred on Friday, August 14th. The stock was acquired at an average cost of $8.84 per share, with a total value of $221,000.00. Following the completion of the purchase, the insider owned 35,000 shares in the company, valued at approximately $309,400. This represents a 250.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of large investors have recently made changes to their positions in the business. GAMMA Investing LLC raised its stake in shares of 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 purchasing an additional 902 shares in the last quarter. SBI Securities Co. Ltd. lifted its holdings in shares of Bitdeer Technologies Group by 80.7% during the 3rd quarter. SBI Securities Co. Ltd. now owns 4,621 shares of the company’s stock valued at $48,000 after buying an additional 2,064 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Bitdeer Technologies Group by 9.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 33,940 shares of the company’s stock valued at $294,000 after buying an additional 2,950 shares during the last quarter. Activest Wealth Management lifted its holdings in shares of Bitdeer Technologies Group by 150.0% during the 3rd quarter. Activest Wealth Management now owns 5,000 shares of the company’s stock valued at $52,000 after buying an additional 3,000 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in shares of Bitdeer Technologies Group in the 2nd quarter valued at approximately $66,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

Bitdeer Technologies Group Trading Down 2.1%

The firm has a market cap of $1.47 billion, a P/E ratio of -2.08 and a beta of 2.72. The company has a 50 day moving average of $9.71 and a 200 day moving average of $11.47. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.01 and a current ratio of 1.01.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group is a technology company focused on cryptocurrency mining and related infrastructure. Its business includes operating mining data centers, mining digital assets for its own account, and providing hosting services that allow customers to deploy and operate mining equipment.

The company also develops and sells cryptocurrency mining machines and offers cloud hash rate services, which provide customers access to computing capacity for mining without requiring them to operate the equipment themselves.