Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 6.3% – What’s Next?

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) were down 6.3% during trading on Wednesday . The company traded as low as $8.63 and last traded at $8.65. Approximately 148,088 shares traded hands during trading, a decline of 93% from the average daily volume of 2,013,154 shares. The stock had previously closed at $9.23.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on BTDR shares. 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 report on Tuesday, August 13th. Northland Securities initiated coverage on shares of Bitdeer Technologies Group in a research report on Wednesday, October 9th. They set an “outperform” rating and a $13.00 price target for the company. Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Needham & Company LLC reissued a “buy” rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a research report on Thursday, September 26th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $13.00 price target on shares of Bitdeer Technologies Group in a research report on Thursday, October 3rd. Ten research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Bitdeer Technologies Group has a consensus rating of “Buy” and a consensus target price of $13.70.

Bitdeer Technologies Group Trading Down 10.3 %

The company has a fifty day moving average of $7.27 and a 200 day moving average of $7.69.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.06). The business had revenue of $99.23 million during the quarter, compared to analyst estimates of $110.79 million. Bitdeer Technologies Group had a negative return on equity of 2.56% and a negative net margin of 5.69%. On average, analysts expect that Bitdeer Technologies Group will post -0.47 EPS for the current year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Central Asset Investments & Management Holdings HK Ltd purchased a new position in Bitdeer Technologies Group during the 2nd quarter worth approximately $272,000. XTX Topco Ltd purchased a new position in Bitdeer Technologies Group during the 2nd quarter worth approximately $276,000. Virtu Financial LLC purchased a new position in shares of Bitdeer Technologies Group during the 1st quarter valued at $431,000. Symmetry Investments LP purchased a new position in shares of Bitdeer Technologies Group during the 2nd quarter valued at $432,000. Finally, Shariaportfolio Inc. purchased a new position in shares of Bitdeer Technologies Group during the 3rd quarter valued at $1,039,000. 22.25% of the stock is currently owned by hedge funds and other institutional investors.

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.