Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 9.4% on Disappointing Earnings

Key Points

• Bitdeer Technologies Group shares fell 9.4% to about $9.86 after the company reported disappointing quarterly results, including a loss of $0.37 per share on $228.78 million in revenue.
• The company remains financially unprofitable, posting a negative net margin of 68.11% and negative return on equity of 69.95%; its stock also trades well below its 50-day moving average of $14.52.
• Despite the earnings setback, analyst sentiment remains positive: 11 analysts rate the stock a Buy and three rate it a Hold, producing a consensus “Moderate Buy” rating and an average price target of $25.55.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) dropped 9.4% during mid-day trading on Monday following a dissappointing earnings announcement. The company traded as low as $9.95 and last traded at $9.8620. 3,763,780 shares were traded during mid-day trading, a decline of 57% from the average session volume of 8,820,857 shares. The stock had previously closed at $10.88.

The company reported ($0.37) earnings per share for the quarter. The business had revenue of $228.78 million for the quarter. Bitdeer Technologies Group had a negative net margin of 68.11% and a negative return on equity of 69.95%.

Analyst Ratings Changes

BTDR has been the topic of several analyst reports. Citizens Jmp began coverage on Bitdeer Technologies Group in a research note on Wednesday, June 24th. They issued a "market outperform" rating and a $35.00 price objective on the stock. B. Riley Financial upped their price target on Bitdeer Technologies Group from $22.00 to $23.00 and gave the company a "buy" rating in a research report on Friday, May 15th. Weiss Ratings raised Bitdeer Technologies Group from a "sell (d-)" rating to a "hold (c-)" rating in a report on Monday, May 18th. Needham & Company LLC boosted their target price on shares of Bitdeer Technologies Group from $19.00 to $22.00 and gave the company a "buy" rating in a research note on Tuesday, August 4th. Finally, Cantor Fitzgerald raised Bitdeer Technologies Group from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $15.00 to $18.00 in a report on Wednesday, August 5th. Eleven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $25.55.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several large investors have recently made changes to their positions in the company. Empowered Funds LLC acquired a new stake in shares of Bitdeer Technologies Group during the 4th quarter worth approximately $34,000. GAMMA Investing LLC grew its holdings in Bitdeer Technologies Group by 57.3% during the 2nd quarter. GAMMA Investing LLC now owns 2,476 shares of the company's stock worth $39,000 after acquiring an additional 902 shares during the period. Kestra Advisory Services LLC bought a new stake in shares of Bitdeer Technologies Group during the 4th quarter valued at $39,000. Hollencrest Capital Management acquired a new position in shares of Bitdeer Technologies Group in the 1st quarter valued at $43,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of Bitdeer Technologies Group in the 2nd quarter valued at $66,000. Institutional investors and hedge funds own 22.25% of the company's stock.

Bitdeer Technologies Group Price Performance

The company has a debt-to-equity ratio of 1.88, a quick ratio of 1.11 and a current ratio of 1.85. The company has a 50-day moving average price of $14.52 and a 200-day moving average price of $12.35. The firm has a market capitalization of $2.38 billion, a P/E ratio of -2.92 and a beta of 2.50.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source