Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down – What’s Next?

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) gapped down before the market opened on Monday . The stock had previously closed at $8.68, but opened at $8.50. Bitdeer Technologies Group shares last traded at $8.44, with a volume of 389,889 shares traded.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BTDR. Needham & Company LLC reissued a “buy” rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a research note on Thursday, September 26th. Northland Securities assumed coverage on Bitdeer Technologies Group in a research note on Wednesday, October 9th. They set an “outperform” rating and a $13.00 price target on the stock. HC Wainwright dropped their price objective on Bitdeer Technologies Group from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Northland Capmk upgraded Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $9.00 price target on shares of Bitdeer Technologies Group in a research report on Tuesday, October 8th. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Bitdeer Technologies Group has an average rating of “Buy” and an average target price of $13.70.

Bitdeer Technologies Group Price Performance

The firm has a market cap of $923.72 million, a PE ratio of -20.12 and a beta of 1.92. The business has a 50-day moving average price of $7.05 and a two-hundred day moving average price of $7.61.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.06). Bitdeer Technologies Group had a negative net margin of 5.69% and a negative return on equity of 2.56%. The business had revenue of $99.23 million during the quarter, compared to analyst estimates of $110.79 million. Equities analysts expect that Bitdeer Technologies Group will post -0.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp boosted its stake in shares of Bitdeer Technologies Group by 10.5% during the first quarter. Van ECK Associates Corp now owns 1,216,060 shares of the company’s stock valued at $8,537,000 after acquiring an additional 115,882 shares during the last quarter. Vident Advisory LLC grew its stake in Bitdeer Technologies Group by 186.4% in the 1st quarter. Vident Advisory LLC now owns 868,622 shares of the company’s stock worth $6,098,000 after acquiring an additional 565,362 shares during the period. Virtu Financial LLC purchased a new position in shares of Bitdeer Technologies Group during the 1st quarter worth about $431,000. Central Asset Investments & Management Holdings HK Ltd purchased a new stake in shares of Bitdeer Technologies Group during the 2nd quarter worth about $272,000. Finally, Thomist Capital Management LP acquired a new stake in Bitdeer Technologies Group during the 2nd quarter worth approximately $1,156,000. 22.25% of the stock is owned by institutional investors and hedge funds.

About Bitdeer Technologies Group

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.