Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 7.3%

Bitdeer Technologies Group (NASDAQ:BTDR) shares were down 7.3% during mid-day trading on Tuesday . The company traded as low as $7.21 and last traded at $7.26. Approximately 1,133,563 shares were traded 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.

Wall Street Analyst Weigh In

Several research firms have commented on BTDR. Needham & Company LLC reiterated a “buy” rating and issued a $14.00 target price on shares of Bitdeer Technologies Group in a research report on Thursday, September 26th. 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 research report on Friday, July 12th. Roth Mkm reissued a “buy” rating and set a $14.00 target price on shares of Bitdeer Technologies Group in a report on Monday, July 1st. Rosenblatt Securities reaffirmed a “buy” rating and set a $9.00 price target on shares of Bitdeer Technologies Group in a research note on Wednesday, August 14th. Finally, Benchmark reissued a “buy” rating and issued a $16.00 price objective on shares of Bitdeer Technologies Group in a research note on Tuesday, August 13th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $14.00.

Bitdeer Technologies Group Trading Down 10.7 %

The firm has a 50-day moving average of $7.43 and a 200 day moving average of $7.59. The company has a market cap of $782.64 million, a P/E 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) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.06). The company had revenue of $99.23 million during the quarter, compared to the consensus estimate of $110.79 million. Bitdeer Technologies Group had a negative net margin of 5.69% and a negative return on equity of 2.56%. On average, equities analysts predict that Bitdeer Technologies Group will post -0.17 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Nomura Holdings Inc. bought a new stake in shares of Bitdeer Technologies Group in the 4th quarter worth $15,350,000. Van ECK Associates Corp increased its holdings in Bitdeer Technologies Group by 10.5% in the 1st quarter. Van ECK Associates Corp now owns 1,216,060 shares of the company’s stock worth $8,537,000 after acquiring an additional 115,882 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in Bitdeer Technologies Group during the second quarter valued at about $4,510,000. Thomist Capital Management LP bought a new position in Bitdeer Technologies Group during the second quarter worth about $1,156,000. Finally, D1 Capital Partners L.P. purchased a new position in shares of Bitdeer Technologies Group in the second quarter worth about $5,386,000. 22.25% of the stock is owned by institutional investors.

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.