Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 4.1% – Time to Sell?

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) were down 4.1% on Wednesday . The stock traded as low as $6.76 and last traded at $6.78. Approximately 407,818 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 1,980,332 shares. The stock had previously closed at $7.07.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Roth Mkm reiterated a “buy” rating and set a $14.00 price objective on shares of Bitdeer Technologies Group in a report on Monday, July 1st. B. Riley upped their price target on Bitdeer Technologies Group from $9.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Northland Securities assumed coverage on Bitdeer Technologies Group in a report on Wednesday. They set an “outperform” rating and a $13.00 target price for the company. HC Wainwright decreased their price target on shares of Bitdeer Technologies Group from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Finally, Benchmark reiterated a “buy” rating and issued a $16.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, August 13th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $13.90.

Bitdeer Technologies Group Stock Down 4.2 %

The firm has a market capitalization of $758.01 million, a PE ratio of -16.37 and a beta of 1.92. The business’s 50-day moving average price is $7.10 and its 200-day moving average price is $7.56.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). Bitdeer Technologies Group had a negative return on equity of 2.56% and a negative net margin of 5.69%. The company had revenue of $99.23 million during the quarter, compared to analyst estimates of $110.79 million. On average, analysts anticipate that Bitdeer Technologies Group will post -0.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of large investors have recently added to or reduced their stakes in the stock. Central Asset Investments & Management Holdings HK Ltd bought a new stake in Bitdeer Technologies Group in the 2nd quarter valued at $272,000. XTX Topco Ltd bought a new stake in shares of Bitdeer Technologies Group in the second quarter valued at about $276,000. Symmetry Investments LP acquired a new stake in Bitdeer Technologies Group during the second quarter worth about $432,000. Virtu Financial LLC acquired a new position in Bitdeer Technologies Group in the 1st quarter valued at approximately $431,000. Finally, Thomist Capital Management LP bought a new stake in shares of Bitdeer Technologies Group in the 2nd quarter worth approximately $1,156,000. Institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and Hash rate marketplace; and a one-stop mining machine hosting solutions encompassing deployment, maintenance, and management services for efficient cryptocurrency mining; as well as mines cryptocurrencies for its own account.