Bitdeer Technologies Group (NASDAQ:BTDR) Posts Quarterly Earnings Results, Misses Estimates By $0.57 EPS

Key Points

• Bitdeer Technologies Group reported a quarterly loss of ($0.76) EPS, missing analysts' estimates by $0.61, and exhibited a negative net margin of 63.34%.
• Despite the earnings miss, Wall Street analysts maintain a positive outlook, with an average rating of "Buy" and a consensus target price of $21.00.
• Large institutional investors have shown increased interest in Bitdeer, with notable stakes acquired during the second quarter, raising institutional ownership to 22.25%.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) posted its quarterly earnings data on Monday. The company reported ($0.76) earnings per share for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.57), Zacks reports. The company had revenue of $155.58 million for the quarter, compared to analyst estimates of $88.08 million. Bitdeer Technologies Group had a negative return on equity of 60.35% and a negative net margin of 89.77%.

Bitdeer Technologies Group Price Performance

Bitdeer Technologies Group stock remained flat at $12.94 during midday trading on Wednesday. 3,209,086 shares of the company traded hands, compared to its average volume of 3,281,456. Bitdeer Technologies Group has a 52-week low of $5.40 and a 52-week high of $26.99. The firm has a market cap of $1.45 billion, a PE ratio of -2.75 and a beta of 2.23. The stock's fifty day moving average price is $12.96 and its 200-day moving average price is $12.25.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC boosted its stake in Bitdeer Technologies Group by 7,157.0% during the second quarter. Tower Research Capital LLC TRC now owns 7,257 shares of the company's stock worth $83,000 after buying an additional 7,157 shares during the period. California State Teachers Retirement System boosted its stake in Bitdeer Technologies Group by 10.8% during the second quarter. California State Teachers Retirement System now owns 95,604 shares of the company's stock worth $1,098,000 after buying an additional 9,345 shares during the period. Legal & General Group Plc boosted its stake in Bitdeer Technologies Group by 39.0% during the second quarter. Legal & General Group Plc now owns 73,541 shares of the company's stock worth $844,000 after buying an additional 20,640 shares during the period. New York State Common Retirement Fund purchased a new position in Bitdeer Technologies Group during the second quarter worth about $326,000. Finally, Boothbay Fund Management LLC purchased a new position in Bitdeer Technologies Group during the second quarter worth about $332,000. 22.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on BTDR. HC Wainwright increased their target price on shares of Bitdeer Technologies Group from $18.00 to $19.00 and gave the company a "buy" rating in a research report on Monday. Wall Street Zen upgraded shares of Bitdeer Technologies Group from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Benchmark reiterated a "buy" rating on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. Needham & Company LLC reiterated a "buy" rating and issued a $17.00 target price on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. Finally, B. Riley reiterated a "buy" rating on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $20.80.

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.