Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 6.3% - Time to Sell?

Key Points

• Bitdeer shares fell 6.3% to $10.62, with trading volume roughly 80% below the average session volume. The stock remains below its 50-day and 200-day moving averages, both near $12.
• Analyst sentiment is mixed but leans positive: 12 analysts rate the stock Buy and three rate it Hold, producing a consensus “Moderate Buy” rating and a $24 average price target. Recent targets range from $15 to $20, while Wall Street Zen downgraded the shares to “strong sell.”
• The company reported a quarterly loss of $0.37 per share on $228.78 million in revenue and has negative profitability metrics, including a 55.15% net margin. However, insiders recently purchased a combined 50,000 shares, and institutional investors own 22.25% of the stock.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s share price traded down 6.3% during trading on Friday . The company traded as low as $10.54 and last traded at $10.62. Approximately 1,918,113 shares changed hands during trading, a decline of 80% from the average session volume of 9,529,253 shares. The stock had previously closed at $11.33.

Analysts Set New Price Targets

BTDR has been the topic of several analyst reports. Wall Street Zen cut shares of Bitdeer Technologies Group from a "sell" rating to a "strong sell" rating in a report on Saturday, May 2nd. Cantor Fitzgerald upgraded shares of Bitdeer Technologies Group from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $15.00 to $18.00 in a research report on Wednesday, August 5th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Bitdeer Technologies Group in a research report on Thursday, August 13th. 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 research note on Tuesday, August 11th. Finally, Barclays started coverage on shares of Bitdeer Technologies Group in a research note on Thursday, August 20th. They issued an "overweight" rating and a $15.00 price objective for the company. Twelve investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $24.00.

Bitdeer Technologies Group Trading Down 9.8%

The business's 50 day simple moving average is $12.21 and its 200 day simple moving average is $12.00. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of -3.34 and a beta of 2.50.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last announced 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 for the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. Research analysts anticipate that Bitdeer Technologies Group will post -1.72 EPS for the current year.

Insider Buying and Selling

In related news, CFO Michael G. Potter purchased 25,000 shares of the business's stock in a transaction dated 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 trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Haris Fozan Basit purchased 25,000 shares of the business'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 purchase, the insider directly owned 35,000 shares of the company's stock, valued at approximately $309,400. The trade was a 250.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of hedge funds and other institutional investors have recently bought and sold shares of BTDR. Corient Private Wealth LP purchased a new position in Bitdeer Technologies Group during the 2nd quarter worth $164,000. California State Teachers Retirement System boosted its holdings in shares of Bitdeer Technologies Group by 1,737.9% in the second quarter. California State Teachers Retirement System now owns 2,064,354 shares of the company's stock valued at $32,761,000 after acquiring an additional 1,952,035 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Bitdeer Technologies Group in the second quarter valued at about $506,000. Handelsbanken Fonder AB increased its stake in shares of Bitdeer Technologies Group by 59.4% during the second quarter. Handelsbanken Fonder AB now owns 37,300 shares of the company's stock worth $592,000 after acquiring an additional 13,900 shares during the period. Finally, FNY Investment Advisers LLC purchased a new position in Bitdeer Technologies Group during the second quarter worth about $66,000. 22.25% of the stock is currently owned by hedge funds and other institutional investors.

About Bitdeer Technologies Group

Bitdeer Technologies Group Inc NASDAQ: BTDR is a global digital asset mining and computing services provider focused on delivering secure and efficient hashrate solutions to institutional and retail customers. The company leverages its proprietary mining platform to offer hosted mining, hashrate sales and management services, enabling clients to access large-scale mining operations without direct investment in hardware or infrastructure.

Bitdeer’s core offerings include mining hosting services, whereby the firm installs, operates and maintains specialized mining equipment on behalf of customers, and hashrate-as-a-service products that provide fixed-capacity mining power with transparent pricing structures.

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