Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 7.1% – Here’s What Happened

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) were down 7.1% during mid-day trading on Wednesday . The stock traded as low as $7.50 and last traded at $7.62. Approximately 1,759,918 shares were traded during trading, a decline of 12% from the average daily volume of 1,990,377 shares. The stock had previously closed at $8.20.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on BTDR shares. Northland Securities started coverage on Bitdeer Technologies Group in a report on Wednesday, October 9th. They set an “outperform” rating and a $13.00 price objective on the stock. Roth Mkm restated a “buy” rating and set a $14.00 price objective on shares of Bitdeer Technologies Group in a report on Monday, July 1st. B. Riley dropped their price objective on Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Rosenblatt Securities restated a “buy” rating and set a $9.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. Finally, HC Wainwright lowered their price target on Bitdeer Technologies Group from $20.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bitdeer Technologies Group presently has a consensus rating of “Buy” and a consensus price target of $13.70.

Bitdeer Technologies Group Trading Down 2.7 %

The firm has a market cap of $843.10 million, a price-to-earnings ratio of -18.80 and a beta of 1.92. The stock has a 50-day moving average of $7.10 and a 200-day moving average of $7.62.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $99.23 million for the quarter, compared to analyst estimates of $110.79 million. As a group, research analysts expect that Bitdeer Technologies Group will post -0.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BTDR. Vident Advisory LLC boosted its position in Bitdeer Technologies Group by 186.4% during 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. D1 Capital Partners L.P. acquired a new position in Bitdeer Technologies Group during the 2nd quarter worth $5,386,000. Marshall Wace LLP acquired a new position in Bitdeer Technologies Group during the 2nd quarter worth $5,074,000. Point72 Asset Management L.P. acquired a new position in Bitdeer Technologies Group during the 2nd quarter worth $4,617,000. Finally, Point72 Hong Kong Ltd acquired a new position in Bitdeer Technologies Group during the 2nd quarter worth $4,510,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

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.