Bitdeer Technologies Group (NASDAQ:BTDR) Hits New 52-Week Low After Analyst Downgrade

Key Points

• Bitdeer shares fell to a new 52-week low of $6.55 after B. Riley cut its price target from $21 to $19, although the firm maintained a buy rating.
• Analyst sentiment remains broadly positive, with 10 Buy, two Hold, and one Sell rating producing a consensus “Moderate Buy” rating and a $21.60 target price.
• The company reported a quarterly loss of $0.37 per share on $228.78 million in revenue, while insiders recently purchased a combined 50,000 shares; analysts expect a full-year loss of $1.68 per share.

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) reached a new 52-week low during trading on Friday after B. Riley Financial lowered their price target on the stock from $21.00 to $19.00. B. Riley Financial currently has a buy rating on the stock. Bitdeer Technologies Group traded as low as $6.55 and last traded at $6.5550, with a volume of 4,841,613 shares trading hands. The stock had previously closed at $7.58.

A number of other equities analysts have also recently commented on the company. Cantor Fitzgerald reiterated an "overweight" rating on shares of Bitdeer Technologies Group in a report on Monday. Keefe, Bruyette & Woods cut their target price on Bitdeer Technologies Group from $14.00 to $10.00 and set a "market perform" rating on the stock in a research report on Thursday, August 13th. HC Wainwright reiterated a "buy" rating on shares of Bitdeer Technologies Group in a report on Friday, October 2nd. Needham & Company LLC lowered their target price on shares of Bitdeer Technologies Group from $22.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, August 11th. Finally, Benchmark reaffirmed a "buy" rating on shares of Bitdeer Technologies Group in a report on Tuesday, August 11th. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $21.60.

Insider Transactions at Bitdeer Technologies Group

In related news, insider Haris Basit acquired 25,000 shares of the stock in a transaction dated Friday, August 14th. The stock was bought at an average cost of $8.84 per share, with a total value of $221,000.00. Following the purchase, the insider directly owned 35,000 shares of the company's stock, valued at approximately $309,400. This represents a 250.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael G. Potter bought 25,000 shares of the stock in a transaction dated Wednesday, August 12th. The stock was bought at an average price of $9.04 per share, with a total value of $226,000.00. Following the purchase, the chief financial officer owned 25,000 shares of the company's stock, valued at approximately $226,000. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing.

Institutional Trading of Bitdeer Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC raised 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 buying an additional 902 shares during the period. FNY Investment Advisers LLC bought a new position in shares of Bitdeer Technologies Group during the 2nd quarter worth about $66,000. SBI Securities Co. Ltd. lifted its holdings in shares of Bitdeer Technologies Group by 80.7% during the 3rd quarter. SBI Securities Co. Ltd. now owns 4,621 shares of the company's stock worth $48,000 after acquiring an additional 2,064 shares during the period. Hollencrest Capital Management acquired a new stake in shares of Bitdeer Technologies Group in the 1st quarter valued at $43,000. Finally, Activest Wealth Management lifted its position in Bitdeer Technologies Group by 150.0% during the 3rd quarter. Activest Wealth Management now owns 5,000 shares of the company's stock worth $52,000 after buying an additional 3,000 shares in the last quarter. 22.25% of the stock is currently owned by institutional investors.

Bitdeer Technologies Group Price Performance

The company has a fifty day simple moving average of $10.35 and a two-hundred day simple moving average of $11.75. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.20. The stock has a market capitalization of $1.49 billion, a P/E ratio of -2.14 and a beta of 2.56.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last posted its earnings results on Tuesday, June 30th. The company reported ($0.37) earnings per share (EPS) for the quarter. The company had revenue of $228.78 million for the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. Sell-side analysts expect that Bitdeer Technologies Group will post -1.68 EPS for the current fiscal year.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group is a technology company focused on cryptocurrency mining and related infrastructure. The company operates a vertically integrated platform that includes cryptocurrency mining, miner hosting, and hash rate sharing services, allowing customers to participate in digital asset mining without managing all of the underlying hardware and facilities.

Bitdeer conducts self-mining operations and provides data center services for mining equipment. It also develops and manufactures application-specific integrated circuit (ASIC) mining machines through its SEALMINER product line, with the goal of improving mining performance and energy efficiency.

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