Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 6.1% - Time to Sell?

Key Points

• Bitdeer shares fell 6.1% to about $10.95, with trading volume significantly below average. The company has a $2.49 billion market capitalization and remains unprofitable, reporting a quarterly loss of $0.37 per share and a negative net margin of 55.15%.
• Despite the decline, analysts maintain a generally positive view: 12 rate the stock a Buy and three rate it Hold, producing a consensus “Moderate Buy” rating and an average price target of $24.00.
• Company insiders recently purchased shares, while institutional ownership stands at 22.25%; however, Bitdeer faces substantial operating risk as a cryptocurrency-mining and high-performance-computing company with a beta of 2.51 and projected full-year losses.

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) fell 6.1% on Tuesday . The company traded as low as $10.88 and last traded at $10.9530. 2,405,527 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 9,587,739 shares. The stock had previously closed at $11.66.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Weiss Ratings reiterated a "hold (c-)" rating on shares of Bitdeer Technologies Group in a research note on Thursday, August 13th. B. Riley Financial dropped their price target on shares of 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. Benchmark reissued a "buy" rating on shares of Bitdeer Technologies Group in a research report on Tuesday, August 11th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $25.00 target price on shares of Bitdeer Technologies Group in a report on Tuesday. Finally, Zacks Research upgraded shares of Bitdeer Technologies Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, June 2nd. Twelve research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $24.00.

Bitdeer Technologies Group Stock Down 6.0%

The firm has a market cap of $2.49 billion, a P/E ratio of -3.58 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 firm's fifty day moving average is $11.13 and its 200 day moving average is $12.14.

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 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%. As a group, equities research analysts anticipate that Bitdeer Technologies Group will post -1.72 earnings per share for the current fiscal year.

Insider Activity at Bitdeer Technologies Group

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. 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 purchasing an additional 3,007,523 shares during the period. Situational Awareness LP boosted 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 Nova Scotia boosted its stake in shares of Bitdeer Technologies Group by 91.1% in the first 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 period. Capital Research Global Investors acquired a new stake in Bitdeer Technologies Group during the fourth quarter worth approximately $6,009,000. Finally, BlueCrest Capital Management Ltd grew its position in 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 worth $8,041,000 after buying an additional 516,700 shares in the last quarter. Institutional investors own 22.25% of the company's stock.

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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