Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 5.3% - What's Next?

Key Points

• Bitdeer shares fell 5.3% to about $11.51 in Friday trading, with volume roughly 90% below its average.
• Analyst sentiment remains positive: 12 analysts rate the stock Buy and three rate it Hold, producing a “Moderate Buy” consensus and an average price target of $24.00.
• The company remains unprofitable, reporting a quarterly loss of $0.37 per share, a negative 55.15% net margin and a forecast full-year loss of $1.72 per share; meanwhile, insiders and several institutional investors recently bought shares.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s share price was down 5.3% during trading on Friday. The stock traded as low as $11.64 and last traded at $11.5090. Approximately 965,267 shares traded hands during trading, a decline of 90% from the average daily volume of 9,600,835 shares. The stock had previously closed at $12.15.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on BTDR shares. Barclays assumed coverage on shares of Bitdeer Technologies Group in a research report on Thursday, August 20th. They set an "overweight" rating and a $15.00 target price on the stock. Cantor Fitzgerald upgraded Bitdeer Technologies Group from a "neutral" rating to an "overweight" rating and raised their target price for the company from $15.00 to $18.00 in a research note on Wednesday, August 5th. Rosenblatt Securities reaffirmed a "buy" rating and set a $25.00 price target on shares of Bitdeer Technologies Group in a research note on Tuesday, September 15th. B. Riley Financial reduced their price objective on Bitdeer Technologies Group from $23.00 to $21.00 and set a "buy" rating for the company in a research note on Thursday, August 13th. Finally, Benchmark reaffirmed a "buy" rating on shares of Bitdeer Technologies Group in a research report on Tuesday, August 11th. Twelve analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Bitdeer Technologies Group has a consensus rating of "Moderate Buy" and an average target price of $24.00.

Bitdeer Technologies Group Price Performance

The stock has a market cap of $2.64 billion, a P/E ratio of -3.77 and a beta of 2.51. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.01 and a current ratio of 1.01. The business has a 50 day simple moving average of $11.04 and a 200-day simple moving average of $12.38.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last issued 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 company had revenue of $228.78 million for the quarter. On average, sell-side analysts forecast that Bitdeer Technologies Group will post -1.72 EPS for the current year.

Insider Activity at Bitdeer Technologies Group

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

Hedge Funds Weigh In On Bitdeer Technologies Group

Large investors have recently bought and sold shares of the stock. BlueCrest Capital Management Ltd increased its position in shares of Bitdeer Technologies Group by 5,167.0% during the second quarter. BlueCrest Capital Management Ltd now owns 506,700 shares of the company's stock valued at $8,041,000 after buying an additional 516,700 shares during the period. WINTON GROUP Ltd grew its holdings in shares of Bitdeer Technologies Group by 38.4% during the 2nd quarter. WINTON GROUP Ltd now owns 20,200 shares of the company's stock worth $321,000 after acquiring an additional 5,600 shares during the period. Engineers Gate Manager LP purchased a new position in shares of Bitdeer Technologies Group during the 2nd quarter worth approximately $2,115,000. Integrated Wealth Concepts LLC bought a new position in shares of Bitdeer Technologies Group in the 2nd quarter worth approximately $100,000. Finally, Spark Investment Management LLC purchased a new position in shares of Bitdeer Technologies Group in the 2nd quarter valued at approximately $241,000. 22.25% of the stock is owned by hedge funds and other institutional investors.

About Bitdeer Technologies Group

Bitdeer Technologies Group NASDAQ: BTDR is a technology company focused on blockchain and high-performance computing infrastructure. Its primary business is cryptocurrency mining, including self-mining, hash rate sharing and mining machine hosting services. The company provides customers with access to mining capacity, data-center infrastructure and related operational support.

Bitdeer also designs and develops application-specific integrated circuit (ASIC) mining machines through its SEALMINER product line.

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