Bitdeer Technologies Group (NASDAQ:BTDR) Announces Earnings Results, Misses Expectations 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 the consensus estimate of ($0.19) by ($0.57), Zacks reports. Bitdeer Technologies Group had a negative return on equity of 55.73% and a negative net margin of 89.77%.The firm had revenue of $155.58 million for the quarter, compared to the consensus estimate of $88.08 million.

Bitdeer Technologies Group Trading Up 5.9%

Shares of Bitdeer Technologies Group stock traded up $0.74 on Friday, reaching $13.35. 3,775,139 shares of the company's stock were exchanged, compared to its average volume of 3,139,933. The company has a market capitalization of $1.49 billion, a P/E ratio of -2.84 and a beta of 2.23. Bitdeer Technologies Group has a 52 week low of $5.40 and a 52 week high of $26.99. The firm's 50-day moving average is $12.96 and its two-hundred day moving average is $12.19. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.13 and a current ratio of 1.03.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Needham & Company LLC reissued a "buy" rating and set a $17.00 target price on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. Rosenblatt Securities reiterated a "buy" rating and issued a $20.00 target price on shares of Bitdeer Technologies Group in a report on Tuesday. HC Wainwright upped their target price on Bitdeer Technologies Group from $18.00 to $19.00 and gave the company a "buy" rating in a report on Monday, August 18th. B. Riley reiterated a "buy" rating on shares of Bitdeer Technologies Group in a report on Friday, August 15th. Finally, Benchmark reiterated a "buy" rating on shares of Bitdeer Technologies Group in a report on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $20.80.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of large investors have recently modified their holdings of BTDR. Goldman Sachs Group Inc. lifted its holdings in shares of Bitdeer Technologies Group by 167.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 483,022 shares of the company's stock worth $4,265,000 after purchasing an additional 302,548 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Bitdeer Technologies Group by 39.0% in the 2nd quarter. Legal & General Group Plc now owns 73,541 shares of the company's stock worth $844,000 after purchasing an additional 20,640 shares in the last quarter. New York State Common Retirement Fund bought a new position in shares of Bitdeer Technologies Group in the 2nd quarter worth $326,000. Invesco Ltd. lifted its holdings in shares of Bitdeer Technologies Group by 169.0% in the 2nd quarter. Invesco Ltd. now owns 71,822 shares of the company's stock worth $825,000 after purchasing an additional 45,120 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Bitdeer Technologies Group in the 2nd quarter worth $1,558,000. 22.25% of the stock is currently owned by 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.