Bitdeer Technologies Group (NASDAQ:BTDR) Sets New 1-Year Low - What's Next?

Key Points

• Bitdeer hit a new 52-week low, trading as low as $5.97 and last quoted at $5.747, below its previous close of $6.53.
• Analyst views remain mixed: the consensus is “Moderate Buy” with an average price target of $21.60, though Weiss Ratings downgraded the stock to “sell.”
• The company reported a quarterly loss of $0.37 per share on $228.78 million in revenue, alongside negative net margin and return on equity; two company insiders recently bought 25,000 shares each.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Thursday. The stock traded as low as $5.97 and last traded at $5.7470, with a volume of 783,068 shares. The stock had previously closed at $6.53.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Weiss Ratings downgraded Bitdeer Technologies Group from a "hold (c-)" rating to a "sell (d-)" rating in a research note on Friday, October 2nd. B. Riley Financial decreased their target price on Bitdeer Technologies Group from $21.00 to $19.00 and set a "buy" rating on the stock in a research report on Friday, October 30th. Benchmark reissued a "buy" rating on shares of Bitdeer Technologies Group in a report on Tuesday, August 11th. Cantor Fitzgerald restated an "overweight" rating on shares of Bitdeer Technologies Group in a research report on Monday, October 26th. Finally, Barclays lifted their price target on Bitdeer Technologies Group from $15.00 to $17.00 and gave the stock an "overweight" rating in a research note on Friday, October 9th. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Bitdeer Technologies Group presently has a consensus rating of "Moderate Buy" and an average price target of $21.60.

Bitdeer Technologies Group Trading Down 20.8%

The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.20. The firm's 50 day moving average is $10.00 and its two-hundred day moving average is $11.60. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of -1.68 and a beta of 2.72.

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

Insider Transactions at Bitdeer Technologies Group

In other news, insider Haris Basit bought 25,000 shares of the company's stock in a transaction that occurred on Friday, August 14th. The shares were purchased at an average price of $8.84 per share, for a total transaction of $221,000.00. Following the acquisition, the insider directly owned 35,000 shares of the company's stock, valued at $309,400. The trade was a 250.00% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Michael Potter purchased 25,000 shares of the business's stock in a transaction dated Wednesday, August 12th. The shares were acquired at an average price of $9.04 per share, with a total value of $226,000.00. Following the completion of the acquisition, the chief financial officer owned 25,000 shares of the company's stock, valued at approximately $226,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BTDR. Funde Sino Life Insurance Co Ltd acquired a new stake in shares of Bitdeer Technologies Group during the 3rd quarter worth approximately $109,795,000. Situational Awareness LP increased its stake in shares of Bitdeer Technologies Group by 92.4% in the first quarter. Situational Awareness LP now owns 3,439,450 shares of the company's stock valued at $29,751,000 after buying an additional 1,651,450 shares during the period. Bank of America Corp DE raised its holdings in Bitdeer Technologies Group by 1,366.7% in the 1st quarter. Bank of America Corp DE now owns 3,227,585 shares of the company's stock valued at $27,919,000 after buying an additional 3,007,523 shares during the last quarter. Bank of Nova Scotia raised its holdings in Bitdeer Technologies Group by 91.1% in the 1st quarter. Bank of Nova Scotia now owns 1,369,447 shares of the company's stock valued at $11,846,000 after buying an additional 652,874 shares during the last quarter. Finally, Fund Resources Investment Holding Group Co Ltd acquired a new stake in Bitdeer Technologies Group during the 3rd quarter worth approximately $8,353,000. Institutional investors and hedge funds own 22.25% of the company's stock.

About Bitdeer Technologies Group

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.

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.