Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 4.3% Following Weak Earnings

Key Points

• Bitdeer Technologies Group saw its stock price drop by 4.3% to $12.82 after a disappointing earnings report, missing EPS estimates by ($0.61).
• Analyst reports show a mix of ratings, with ten analysts issuing a "buy" rating and an average price target of $21.00 for the company's shares.
• Institutional investors are actively increasing their positions, with notable growth in holdings from Advisors Asset Management and Stonebridge Financial Group during the second and first quarters.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s stock price fell 4.3% during trading on Monday following a dissappointing earnings announcement. The stock traded as low as $13.02 and last traded at $12.82. 737,832 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 5,336,287 shares. The stock had previously closed at $13.39.

The company reported ($0.76) EPS for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.61). Bitdeer Technologies Group had a negative net margin of 63.34% and a negative return on equity of 34.00%.

Analyst Upgrades and Downgrades

BTDR has been the subject of a number of recent analyst reports. Needham & Company LLC reiterated a "buy" rating and issued a $17.00 price objective on shares of Bitdeer Technologies Group in a report on Friday. Cantor Fitzgerald reiterated an "overweight" rating and issued a $23.00 price target on shares of Bitdeer Technologies Group in a research note on Friday. Wall Street Zen upgraded Bitdeer Technologies Group from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Rosenblatt Securities reissued a "buy" rating and issued a $20.00 price objective on shares of Bitdeer Technologies Group in a research note on Monday, June 16th. Finally, B. Riley reiterated a "buy" rating on shares of Bitdeer Technologies Group in a research report on Friday. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Bitdeer Technologies Group has a consensus rating of "Buy" and an average price target of $21.00.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several institutional investors and hedge funds have recently made changes to their positions in the business. Advisors Asset Management Inc. grew its holdings in Bitdeer Technologies Group by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 2,570 shares of the company's stock worth $30,000 after acquiring an additional 1,044 shares during the period. Stonebridge Financial Group LLC grew its holdings in shares of Bitdeer Technologies Group by 33.3% in the 1st quarter. Stonebridge Financial Group LLC now owns 4,000 shares of the company's stock valued at $35,000 after buying an additional 1,000 shares during the period. Amalgamated Bank bought a new position in shares of Bitdeer Technologies Group during the second quarter worth about $35,000. Quarry LP bought a new stake in Bitdeer Technologies Group during the 4th quarter worth about $42,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Bitdeer Technologies Group in the first quarter valued at approximately $55,000. 22.25% of the stock is currently owned by hedge funds and other institutional investors.

Bitdeer Technologies Group Stock Performance

The stock has a market capitalization of $1.49 billion, a P/E ratio of -3.23 and a beta of 2.23. The company's fifty day simple moving average is $13.00 and its two-hundred day simple moving average is $12.27.

Bitdeer Technologies Group Company Profile

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.

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