Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down Following Analyst Downgrade

Key Points

• Cantor Fitzgerald downgraded BTDR from overweight to neutral with a $10 price target, triggering a premarket gap down (prior close $10.36, opened $9.95, last ~ $10.05).
• Analyst consensus remains mixed-to-positive: nine Buys, two Holds and two Sells yield an average rating of "Moderate Buy" and an average target price of $24.20, despite several recent target cuts.
• In the latest quarter Bitdeer missed EPS (‑$0.73 vs. ‑$0.14 expected) but reported revenue of $224.84M (beat estimates) and year‑over‑year revenue growth of 225.8%.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s share price gapped down prior to trading on Thursday after Cantor Fitzgerald downgraded the stock from an overweight rating to a neutral rating. The stock had previously closed at $10.36, but opened at $9.95. Cantor Fitzgerald now has a $10.00 price target on the stock. Bitdeer Technologies Group shares last traded at $10.0520, with a volume of 1,131,585 shares changing hands.

Several other research analysts also recently issued reports on the company. Needham & Company LLC cut their price target on Bitdeer Technologies Group from $30.00 to $22.00 and set a "buy" rating for the company in a research note on Friday, February 13th. HC Wainwright cut their price target on Bitdeer Technologies Group from $30.00 to $25.00 and set a "buy" rating for the company in a research note on Thursday, February 12th. BTIG Research reaffirmed a "buy" rating on shares of Bitdeer Technologies Group in a research note on Friday, January 16th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Bitdeer Technologies Group in a research note on Wednesday, January 21st. Finally, UBS Group reaffirmed a "buy" rating on shares of Bitdeer Technologies Group in a research note on Thursday, February 12th. Nine analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Bitdeer Technologies Group currently has an average rating of "Moderate Buy" and an average target price of $24.20.

Institutional Trading of Bitdeer Technologies Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BTDR. Goldman Sachs Group Inc. increased its position in Bitdeer Technologies Group by 167.6% during 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 increased its position in Bitdeer Technologies Group by 39.0% during 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 purchased a new stake in Bitdeer Technologies Group during the 2nd quarter worth about $326,000. Invesco Ltd. increased its position in Bitdeer Technologies Group by 169.0% during 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 purchased a new stake in Bitdeer Technologies Group during the 2nd quarter worth about $1,558,000. Hedge funds and other institutional investors own 22.25% of the company's stock.

Bitdeer Technologies Group Trading Down 2.9%

The stock has a market cap of $2.13 billion, a PE ratio of -3.18 and a beta of 2.28. The business has a 50-day moving average of $9.35 and a 200 day moving average of $13.36. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.75 and a current ratio of 0.91.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last posted its quarterly earnings data on Thursday, February 12th. The company reported ($0.73) EPS for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.59). The company had revenue of $224.84 million for the quarter, compared to analysts' expectations of $208.25 million. Bitdeer Technologies Group had a return on equity of 8.92% and a net margin of 10.58%.The company's revenue was up 225.8% on a year-over-year basis. Equities research analysts predict that Bitdeer Technologies Group will post -0.73 EPS for the current fiscal year.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group Inc NASDAQ: BTDR is a global digital asset mining and computing services provider focused on delivering secure and efficient hashrate solutions to institutional and retail customers. The company leverages its proprietary mining platform to offer hosted mining, hashrate sales and management services, enabling clients to access large-scale mining operations without direct investment in hardware or infrastructure.

Bitdeer’s core offerings include mining hosting services, whereby the firm installs, operates and maintains specialized mining equipment on behalf of customers, and hashrate-as-a-service products that provide fixed-capacity mining power with transparent pricing structures.

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