Bitdeer Technologies Group (NASDAQ:BTDR) Raised to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen raised Bitdeer Technologies Group’s rating from “strong sell” to “sell,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $21.60.
• BTDR shares opened at $6.71 after falling 11.5%, near their 12-month low of $6.42 and well below the 50-day and 200-day moving averages of $10.27 and $11.72.
• The company reported a quarterly loss of $0.37 per share on $228.78 million in revenue, with a negative net margin of 55.15%; however, two insiders recently bought a combined 50,000 shares.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a report issued on Saturday, Wall Street Zen reports.

Other analysts have also recently issued reports about the company. B. Riley Financial reduced their price target on Bitdeer Technologies Group from $21.00 to $19.00 and set a "buy" rating for the company in a report on Friday. Weiss Ratings cut Bitdeer Technologies Group from a "hold (c-)" rating to a "sell (d-)" rating in a research report on Friday, October 2nd. Keefe, Bruyette & Woods cut their price objective on Bitdeer Technologies Group from $14.00 to $10.00 and set a "market perform" rating for the company in a research report on Thursday, August 13th. Cantor Fitzgerald reissued an "overweight" rating on shares of Bitdeer Technologies Group in a report on Monday. Finally, Needham & Company LLC decreased their target price on shares of Bitdeer Technologies Group from $22.00 to $20.00 and set a "buy" rating on the stock in a research report on Tuesday, August 11th. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Bitdeer Technologies Group has an average rating of "Moderate Buy" and an average price target of $21.60.

Bitdeer Technologies Group Trading Down 11.5%

NASDAQ BTDR opened at $6.71 on Friday. The firm's fifty day moving average price is $10.27 and its 200 day moving average price is $11.72. Bitdeer Technologies Group has a 12 month low of $6.42 and a 12 month high of $24.30. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of -2.19 and a beta of 2.56.

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

Insider Buying and Selling at Bitdeer Technologies Group

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Situational Awareness LP boosted its holdings in shares of Bitdeer Technologies Group by 92.4% during the first quarter. Situational Awareness LP now owns 3,439,450 shares of the company's stock valued at $29,751,000 after acquiring an additional 1,651,450 shares during the period. Bank of America Corp DE grew its position in shares of Bitdeer Technologies Group by 1,366.7% during the first quarter. Bank of America Corp DE now owns 3,227,585 shares of the company's stock worth $27,919,000 after acquiring an additional 3,007,523 shares during the last quarter. Bank of Nova Scotia increased its holdings in shares of Bitdeer Technologies Group by 91.1% in the 1st quarter. Bank of Nova Scotia now owns 1,369,447 shares of the company's stock worth $11,846,000 after acquiring an additional 652,874 shares during the period. BlueCrest Capital Management Ltd increased its holdings in shares of Bitdeer Technologies Group by 5,167.0% in the 2nd quarter. BlueCrest Capital Management Ltd now owns 506,700 shares of the company's stock worth $8,041,000 after acquiring an additional 516,700 shares during the period. Finally, Q Fund Management Hong Kong Ltd acquired a new stake in shares of Bitdeer Technologies Group in the 3rd quarter worth about $3,321,000. 22.25% of the stock is owned by institutional investors and hedge funds.

About Bitdeer Technologies Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.