Bitdeer Technologies Group (NASDAQ:BTDR) Stock Falls 9.5% Following Analyst Downgrade

Key Points

• Bitdeer Technologies Group shares fell 9.5% to about $6.07 after B. Riley Financial cut its price target from $21 to $19, while maintaining a Buy rating.
• Analyst sentiment remains broadly positive, with 10 Buy, two Hold, and one Sell rating; the consensus rating is Moderate Buy with a $21.60 price target.
• The company continues to report significant losses, including quarterly EPS of negative $0.37, a negative net margin of 55.15%, and analysts’ forecast for full-year EPS of negative $1.68.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s stock price dropped 9.5% during mid-day trading on Monday 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 $6.12 and last traded at $6.0710. 4,943,944 shares changed hands during trading, a decline of 49% from the average daily volume of 9,676,359 shares. The stock had previously closed at $6.71.

Several other analysts have also issued reports on BTDR. Weiss Ratings lowered Bitdeer Technologies Group from a "hold (c-)" rating to a "sell (d-)" rating in a report on Friday, October 2nd. Rosenblatt Securities reaffirmed a "buy" rating and issued a $25.00 target price on shares of Bitdeer Technologies Group in a research report on Tuesday, September 15th. Benchmark reaffirmed a "buy" rating on shares of Bitdeer Technologies Group in a research report on Tuesday, August 11th. Barclays lifted their price target on Bitdeer Technologies Group from $15.00 to $17.00 and gave the company an "overweight" rating in a report on Friday, October 9th. Finally, Keefe, Bruyette & Woods lowered their price target on Bitdeer Technologies Group from $14.00 to $10.00 and set a "market perform" rating for the company in a research note on Thursday, August 13th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $21.60.

Insider Transactions at Bitdeer Technologies Group

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in 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 purchasing an additional 902 shares during the period. Hollencrest Capital Management acquired a new position in shares of Bitdeer Technologies Group during the first quarter valued at about $43,000. SBI Securities Co. Ltd. raised its position in shares of Bitdeer Technologies Group by 80.7% during the third quarter. SBI Securities Co. Ltd. now owns 4,621 shares of the company's stock valued at $48,000 after buying an additional 2,064 shares during the last quarter. Activest Wealth Management raised its position in shares of Bitdeer Technologies Group by 150.0% during the third quarter. Activest Wealth Management now owns 5,000 shares of the company's stock valued at $52,000 after buying an additional 3,000 shares during the last quarter. Finally, CoreCap Advisors LLC lifted 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 valued at $60,000 after buying an additional 4,675 shares during the period. Institutional investors and hedge funds own 22.25% of the company's stock.

Bitdeer Technologies Group Trading Down 10.0%

The firm has a market cap of $1.37 billion, a P/E ratio of -1.99 and a beta of 2.72. The company's 50 day moving average is $10.27 and its two-hundred day moving average is $11.72. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.01 and a quick ratio of 1.01.

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 for the quarter. The business 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, sell-side analysts predict that Bitdeer Technologies Group will post -1.68 earnings per share for the current 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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