Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 7.8% - Time to Sell?

Key Points

• Bitdeer shares fell 7.8% to about $8.49, with trading volume roughly 62% below its average. The stock remains below its 50-day and 200-day moving averages.
• Despite one sell rating and a recent downgrade, analyst sentiment is generally positive: 11 analysts rate the stock a Buy, with a consensus “Moderate Buy” rating and an average price target of $23.45.
• The company remains unprofitable, reporting a quarterly loss of $0.37 per share, a negative 55.15% net margin and negative 54.72% return on equity. However, insiders recently purchased shares, while institutional ownership stands at 22.25%.

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) fell 7.8% during trading on Wednesday. The stock traded as low as $8.42 and last traded at $8.4890. Approximately 3,629,649 shares were traded during trading, a decline of 62% from the average daily volume of 9,562,845 shares. The stock had previously closed at $9.21.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BTDR. Rosenblatt Securities reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Bitdeer Technologies Group in a research report on Tuesday, September 15th. Citizens Jmp assumed coverage on shares of Bitdeer Technologies Group in a research report on Wednesday, June 24th. They set a "market outperform" rating and a $35.00 target price for the company. Weiss Ratings cut shares of Bitdeer Technologies Group from a "hold (c-)" rating to a "sell (d-)" rating in a research report on Friday, October 2nd. Benchmark restated a "buy" rating on shares of Bitdeer Technologies Group in a research note on Tuesday, August 11th. Finally, Needham & Company LLC cut their price target on shares of Bitdeer Technologies Group from $22.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, August 11th. Eleven equities 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 company. Based on data from MarketBeat, Bitdeer Technologies Group presently has a consensus rating of "Moderate Buy" and an average target price of $23.45.

Bitdeer Technologies Group Stock Performance

The company has a market cap of $1.80 billion, a PE ratio of -2.58 and a beta of 2.56. 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 firm's 50-day simple moving average is $10.85 and its two-hundred day simple moving average is $12.59.

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 for the quarter. Bitdeer Technologies Group had a negative net margin of 55.15% and a negative return on equity of 54.72%. As a group, research analysts anticipate that Bitdeer Technologies Group will post -1.68 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Haris Basit acquired 25,000 shares of Bitdeer Technologies Group stock in a transaction dated Friday, August 14th. The stock was purchased at an average cost of $8.84 per share, for a total transaction of $221,000.00. Following the completion of the purchase, the insider directly owned 35,000 shares in the company, valued at $309,400. This trade represents a 250.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael G. Potter bought 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The shares were purchased at an average cost of $9.04 per share, with a total value of $226,000.00. Following the acquisition, the chief financial officer directly owned 25,000 shares of the company's stock, valued at approximately $226,000. This trade represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

Institutional Trading of Bitdeer Technologies Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Q Fund Management Hong Kong Ltd acquired a new stake in Bitdeer Technologies Group during the 3rd quarter valued at approximately $3,321,000. GAMMA Investing LLC increased its stake in shares of Bitdeer Technologies Group by 58.6% in the third quarter. GAMMA Investing LLC now owns 3,928 shares of the company's stock worth $41,000 after acquiring an additional 1,452 shares during the period. CoreCap Advisors LLC increased its stake in shares of Bitdeer Technologies Group by 467.5% in the third quarter. CoreCap Advisors LLC now owns 5,675 shares of the company's stock worth $60,000 after acquiring an additional 4,675 shares during the period. BlueCrest Capital Management Ltd increased its stake in shares of Bitdeer Technologies Group by 5,167.0% in the second quarter. BlueCrest Capital Management Ltd now owns 506,700 shares of the company's stock worth $8,041,000 after acquiring an additional 516,700 shares during the period. Finally, WINTON GROUP Ltd raised its holdings in shares of Bitdeer Technologies Group by 38.4% during the second quarter. WINTON GROUP Ltd now owns 20,200 shares of the company's stock worth $321,000 after purchasing an additional 5,600 shares during the last quarter. 22.25% of the stock is currently owned by institutional investors and hedge funds.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group is a Singapore-based technology company focused on cryptocurrency mining and high-performance computing. The company operates an integrated platform that includes digital asset mining, mining-machine hosting and hash-rate sharing services for institutional and individual customers.

Bitdeer also develops proprietary cryptocurrency-mining hardware under the SEALMINER brand. Its activities span the design, production and deployment of application-specific integrated circuit (ASIC) mining machines, as well as the operation of data centers that support its own mining activities and hosting customers.

The company operates data-center and mining infrastructure across multiple international markets, including North America, Europe and Asia.

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