Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 9.4% Following Analyst Downgrade

Key Points

• Bitdeer shares fell 9.4% to about $9.32 after Keefe, Bruyette & Woods cut its price target from $17 to $14 and maintained a market perform rating.
• Analyst sentiment remains broadly positive, with 10 Buy ratings and four Holds producing a “Moderate Buy” consensus and an average price target of $25.45.
• Bitdeer’s latest quarter showed revenue rising 169.5% year over year to $188.93 million, but it missed EPS expectations and reported a negative net margin of 68.11%; analysts forecast a full-year loss of $1.18 per share.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) shares dropped 9.4% during trading on Wednesday after Keefe, Bruyette & Woods lowered their price target on the stock from $17.00 to $14.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Bitdeer Technologies Group traded as low as $9.59 and last traded at $9.3170. Approximately 2,812,691 shares were traded during mid-day trading, a decline of 67% from the average session volume of 8,502,149 shares. The stock had previously closed at $10.28.

BTDR has been the subject of several other reports. Cantor Fitzgerald upped their target price on shares of Bitdeer Technologies Group from $11.00 to $15.00 and gave the company a "neutral" rating in a research note on Friday, May 15th. B. Riley Financial lifted their price target on shares of Bitdeer Technologies Group from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Friday, May 15th. Needham & Company LLC boosted their price objective on shares of Bitdeer Technologies Group from $18.00 to $19.00 and gave the stock a "buy" rating in a report on Friday, May 15th. Zacks Research raised shares of Bitdeer Technologies Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, June 2nd. Finally, Weiss Ratings upgraded Bitdeer Technologies Group from a "sell (d-)" rating to a "hold (c-)" rating in a research note on Monday, May 18th. Ten research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Bitdeer Technologies Group currently has an average rating of "Moderate Buy" and an average price target of $25.45.

Institutional Trading of Bitdeer Technologies Group

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

Bitdeer Technologies Group Price Performance

The stock has a market capitalization of $2.19 billion, a P/E ratio of -2.70 and a beta of 2.47. The company has a 50 day moving average of $15.29 and a 200-day moving average of $12.52. The company has a quick ratio of 1.11, a current ratio of 1.85 and a debt-to-equity ratio of 1.88.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last released its earnings results on Thursday, May 14th. The company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.21). The business had revenue of $188.93 million for the quarter, compared to the consensus estimate of $184.02 million. Bitdeer Technologies Group had a negative net margin of 68.11% and a negative return on equity of 69.95%. The firm's revenue for the quarter was up 169.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.37) EPS. Sell-side analysts predict that Bitdeer Technologies Group will post -1.18 EPS for the current year.

About Bitdeer Technologies Group

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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