Bitdeer Technologies Group (NASDAQ:BTDR) Price Target Cut to $19.00 by Analysts at B. Riley Financial

Key Points

• B. Riley Financial cut Bitdeer Technologies Group’s price target from $21 to $19 while maintaining a “buy” rating, implying 176.48% upside from the prior close.
• Analyst sentiment remains broadly positive, with 10 Buy, two Hold, and one Sell ratings; MarketBeat reports a “Moderate Buy” consensus and an average price target of $21.60.
• Bitdeer opened at $6.87 and continues to face weak profitability, reporting a quarterly loss of $0.37 per share, a negative 55.15% net margin, and a projected full-year loss of $1.68 per share.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) had its price objective reduced by analysts at B. Riley Financial from $21.00 to $19.00 in a research report issued on Friday, Benzinga reports. The firm currently has a "buy" rating on the stock. B. Riley Financial's price target would indicate a potential upside of 176.48% from the stock's previous close.

Several other brokerages also recently issued reports on BTDR. Barclays upped their price target on Bitdeer Technologies Group from $15.00 to $17.00 and gave the stock an "overweight" rating in a report on Friday, October 9th. Benchmark restated a "buy" rating on shares of Bitdeer Technologies Group in a report on Tuesday, August 11th. Needham & Company LLC reduced their price objective on shares of Bitdeer Technologies Group from $22.00 to $20.00 and set a "buy" rating for the company in a research report on Tuesday, August 11th. Cantor Fitzgerald reissued an "overweight" rating on shares of Bitdeer Technologies Group in a research report on Monday. Finally, Weiss Ratings downgraded Bitdeer Technologies Group from a "hold (c-)" rating to a "sell (d-)" rating in a research note on Friday, October 2nd. Ten analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $21.60.

Bitdeer Technologies Group Stock Performance

NASDAQ:BTDR opened at $6.87 on Friday. The firm has a market capitalization of $1.56 billion, a P/E ratio of -2.26 and a beta of 2.56. Bitdeer Technologies Group has a twelve month low of $6.64 and a twelve month high of $24.30. The company has a fifty day moving average of $10.35 and a 200-day moving average of $11.75. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.20.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last issued its earnings results on Tuesday, June 30th. The company reported ($0.37) earnings per share (EPS) for the quarter. The firm had revenue of $228.78 million during the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. As a group, sell-side analysts anticipate that Bitdeer Technologies Group will post -1.68 EPS for the current year.

Insider Activity at Bitdeer Technologies Group

In other Bitdeer Technologies Group news, insider Haris Basit bought 25,000 shares of the stock in a transaction on Friday, August 14th. The shares were acquired at an average price of $8.84 per share, with a total value of $221,000.00. Following the acquisition, the insider directly owned 35,000 shares of the company's stock, valued at $309,400. The trade was a 250.00% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michael Potter bought 25,000 shares of the company's stock in a transaction on Wednesday, August 12th. The shares were bought at an average price of $9.04 per share, for a total transaction of $226,000.00. Following the transaction, the chief financial officer owned 25,000 shares of the company's stock, valued at approximately $226,000. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its stake in Bitdeer Technologies Group by 57.3% during the second quarter. GAMMA Investing LLC now owns 2,476 shares of the company's stock valued at $39,000 after acquiring an additional 902 shares in the last quarter. Hollencrest Capital Management purchased a new stake in Bitdeer Technologies Group in the 1st quarter worth approximately $43,000. SBI Securities Co. Ltd. lifted its stake in Bitdeer Technologies Group by 80.7% in the 3rd quarter. SBI Securities Co. Ltd. now owns 4,621 shares of the company's stock worth $48,000 after purchasing an additional 2,064 shares in the last quarter. Activest Wealth Management lifted its stake in Bitdeer Technologies Group by 150.0% in the 3rd quarter. Activest Wealth Management now owns 5,000 shares of the company's stock worth $52,000 after purchasing an additional 3,000 shares in the last quarter. Finally, CoreCap Advisors LLC boosted its holdings in Bitdeer Technologies Group by 467.5% in the 3rd quarter. CoreCap Advisors LLC now owns 5,675 shares of the company's stock valued at $60,000 after purchasing an additional 4,675 shares during the period. Hedge funds and other institutional investors own 22.25% of the company's stock.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group is a technology company focused on cryptocurrency mining and related infrastructure. The company operates a vertically integrated platform that includes cryptocurrency mining, miner hosting, and hash rate sharing services, allowing customers to participate in digital asset mining without managing all of the underlying hardware and facilities.

Bitdeer conducts self-mining operations and provides data center services for mining equipment. It also develops and manufactures application-specific integrated circuit (ASIC) mining machines through its SEALMINER product line, with the goal of improving mining performance and energy efficiency.

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