Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 7.3%

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price was down 7.3% during mid-day trading on Tuesday . The stock traded as low as $7.21 and last traded at $7.26. Approximately 1,133,563 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 1,992,840 shares. The stock had previously closed at $7.83.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $13.00 price objective on shares of Bitdeer Technologies Group in a research report on Tuesday, September 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 price target on shares of Bitdeer Technologies Group in a report on Thursday, September 26th. Benchmark reiterated a “buy” rating and issued a $16.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday, August 13th. HC Wainwright dropped their price objective on shares of Bitdeer Technologies Group from $20.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Finally, B. Riley lifted their target price on shares of Bitdeer Technologies Group from $9.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Bitdeer Technologies Group currently has an average rating of “Buy” and an average target price of $14.00.

Bitdeer Technologies Group Stock Performance

The company has a fifty day simple moving average of $7.43 and a two-hundred day simple moving average of $7.59. The stock has a market capitalization of $782.64 million, a price-to-earnings ratio of -17.71 and a beta of 1.90.

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

Institutional Trading of Bitdeer Technologies Group

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

About Bitdeer Technologies Group

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.