Bitdeer Technologies Group (NASDAQ:BTDR) Sets New 12-Month Low - Should You Sell?

Key Points

• Bitdeer shares fell to a new 52-week low of $6.82, well below their 50-day and 200-day moving averages, amid heightened volatility.
• Analysts remain broadly optimistic, with a “Moderate Buy” consensus and an average price target of $21.80; however, Weiss Ratings downgraded the stock to “sell.”
• The company remains unprofitable, reporting a quarterly loss of $0.37 per share, a negative net margin of 55.15%, and analysts’ projected full-year loss of $1.68 per share, although two insiders recently bought shares.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s stock price reached a new 52-week low on Friday. The company traded as low as $6.82 and last traded at $6.9250, with a volume of 3,829,948 shares trading hands. The stock had previously closed at $7.28.

Analysts Set New Price Targets

Several research analysts have recently commented on BTDR shares. Rosenblatt Securities restated a "buy" rating and set a $25.00 price target on shares of Bitdeer Technologies Group in a research note on Tuesday, September 15th. Cantor Fitzgerald raised shares of Bitdeer Technologies Group from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $15.00 to $18.00 in a report on Wednesday, August 5th. HC Wainwright reissued a "buy" rating on shares of Bitdeer Technologies Group in a research report on Friday, October 2nd. B. Riley Financial lowered their price target on Bitdeer Technologies Group from $23.00 to $21.00 and set a "buy" rating on the stock in a research report on Thursday, August 13th. Finally, Weiss Ratings cut Bitdeer Technologies Group from a "hold (c-)" rating to a "sell (d-)" rating in a research report on Friday, October 2nd. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $21.80.

Bitdeer Technologies Group Stock Performance

The stock has a market cap of $1.57 billion, a P/E ratio of -2.25 and a beta of 2.56. The stock has a fifty day simple moving average of $10.60 and a 200-day simple moving average of $12.55. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.01 and a current ratio of 1.01.

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

Insider Activity

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

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of institutional investors have recently modified their holdings of BTDR. Fund Resources Investment Holding Group Co Ltd increased its position in Bitdeer Technologies Group by 3.0% during the 1st quarter. Fund Resources Investment Holding Group Co Ltd now owns 9,440,418 shares of the company's stock worth $81,660,000 after purchasing an additional 276,098 shares in the last quarter. Situational Awareness LP grew its stake in shares of Bitdeer Technologies Group by 92.4% during the first quarter. Situational Awareness LP now owns 3,439,450 shares of the company's stock worth $29,751,000 after buying an additional 1,651,450 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Bitdeer Technologies Group by 1,366.7% during the first quarter. Bank of America Corp DE now owns 3,227,585 shares of the company's stock worth $27,919,000 after buying an additional 3,007,523 shares in the last quarter. Bank of Nova Scotia increased its holdings in shares of Bitdeer Technologies Group by 91.1% during the first quarter. Bank of Nova Scotia now owns 1,369,447 shares of the company's stock worth $11,846,000 after buying an additional 652,874 shares in the last quarter. Finally, BlueCrest Capital Management Ltd lifted its stake in shares of Bitdeer Technologies Group by 5,167.0% in the 2nd quarter. BlueCrest Capital Management Ltd now owns 506,700 shares of the company's stock valued at $8,041,000 after acquiring an additional 516,700 shares during the last quarter. 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.

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