Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 4.2%

Bitdeer Technologies Group (NASDAQ:BTDR) shares traded down 4.2% on Tuesday . The company traded as low as $11.02 and last traded at $11.30. 366,344 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 1,768,867 shares. The stock had previously closed at $11.80.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Rosenblatt Securities assumed coverage on Bitdeer Technologies Group in a report on Tuesday, April 9th. They issued a “buy” rating and a $10.50 target price on the stock. Roth Mkm reiterated a “buy” rating and issued a $14.00 target price on shares of Bitdeer Technologies Group in a report on Monday, July 1st. Needham & Company LLC reiterated a “buy” rating and issued a $14.00 target price on shares of Bitdeer Technologies Group in a report on Wednesday, May 15th. HC Wainwright reiterated a “buy” rating and issued a $20.00 target price on shares of Bitdeer Technologies Group in a report on Tuesday, June 11th. Finally, Cantor Fitzgerald raised Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, June 12th. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $14.56.

Bitdeer Technologies Group Stock Down 1.3 %

The company has a 50 day moving average of $8.86 and a 200 day moving average of $7.55.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its earnings results on Monday, May 13th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.07). The company had revenue of $119.51 million for the quarter, compared to the consensus estimate of $119.12 million. Bitdeer Technologies Group had a negative return on equity of 3.98% and a negative net margin of 11.21%. On average, research analysts expect that Bitdeer Technologies Group will post 0.07 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Virtu Financial LLC acquired a new position in shares of Bitdeer Technologies Group in the first quarter valued at $431,000. Vident Advisory LLC raised its stake in shares of Bitdeer Technologies Group by 186.4% in the first quarter. Vident Advisory LLC now owns 868,622 shares of the company’s stock valued at $6,098,000 after purchasing an additional 565,362 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Bitdeer Technologies Group by 10.5% in the first quarter. Van ECK Associates Corp now owns 1,216,060 shares of the company’s stock valued at $8,537,000 after purchasing an additional 115,882 shares in the last quarter. Nomura Holdings Inc. acquired a new position in shares of Bitdeer Technologies Group in the fourth quarter valued at $15,350,000. Finally, CloudAlpha Capital Management Limited Hong Kong acquired a new position in shares of Bitdeer Technologies Group in the fourth quarter valued at $1,199,000. 22.25% of the stock is currently owned by institutional investors and hedge funds.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and Hash rate marketplace; and a one-stop mining machine hosting solutions encompassing deployment, maintenance, and management services for efficient cryptocurrency mining; as well as mines cryptocurrencies for its own account.