Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 9.4% Following Analyst Downgrade

Bitdeer Technologies Group (NASDAQ:BTDR – Get Free Report) was down 9.4% during mid-day trading on Wednesday after Keefe, Bruyette & Woods lowered their price target on the stock from $17.00 to $14.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Bitdeer Technologies Group traded as low as $9.59 and last traded at $9.3170. Approximately 2,812,691 shares were traded during mid-day trading, a decline of 67% from the average session volume of 8,502,149 shares. The stock had previously closed at $10.28.

Several other analysts also recently issued reports on the company. Needham & Company LLC raised their price target on Bitdeer Technologies Group from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Wall Street Zen lowered Bitdeer Technologies Group from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 2nd. B. Riley Financial boosted their price target on shares of Bitdeer Technologies Group from $22.00 to $23.00 and gave the company a “buy” rating in a report on Friday, May 15th. Cantor Fitzgerald increased their price objective on shares of Bitdeer Technologies Group from $11.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, May 15th. Finally, Weiss Ratings upgraded shares of Bitdeer Technologies Group from a “sell (d-)” rating to a “hold (c-)” rating in a research report on Monday, May 18th. Ten research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $25.45.

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Institutional Trading of Bitdeer Technologies Group

Institutional investors have recently modified their holdings of the company. Tudor Investment Corp ET AL acquired a new stake in Bitdeer Technologies Group during the third quarter valued at approximately $6,792,000. Bank of Nova Scotia grew its position in 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 worth $11,846,000 after buying an additional 652,874 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Bitdeer Technologies Group by 144.3% in the fourth quarter. SG Americas Securities LLC now owns 156,724 shares of the company’s stock valued at $1,757,000 after buying an additional 92,563 shares in the last quarter. Fund Resources Investment Holding Group Co Ltd bought a new position in shares of Bitdeer Technologies Group in the fourth quarter valued at $102,732,000. Finally, Situational Awareness LP lifted its position in shares of Bitdeer Technologies Group by 92.4% during the 1st quarter. Situational Awareness LP now owns 3,439,450 shares of the company’s stock valued at $29,751,000 after acquiring an additional 1,651,450 shares during the last quarter. Institutional investors and hedge funds own 22.25% of the company’s stock.

Bitdeer Technologies Group Price Performance

The company has a market cap of $2.19 billion, a price-to-earnings ratio of -2.70 and a beta of 2.47. The company has a current ratio of 1.85, a quick ratio of 1.11 and a debt-to-equity ratio of 1.88. The business has a 50-day moving average price of $15.29 and a 200 day moving average price of $12.52.

Bitdeer Technologies Group (NASDAQ:BTDR – Get Free Report) last announced its earnings results on Thursday, May 14th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.21). Bitdeer Technologies Group had a negative return on equity of 69.95% and a negative net margin of 68.11%.The company had revenue of $188.93 million for the quarter, compared to analyst estimates of $184.02 million. During the same period last year, the firm earned ($0.37) earnings per share. The firm’s revenue for the quarter was up 169.5% on a year-over-year basis. As a group, research analysts expect that Bitdeer Technologies Group will post -1.18 earnings per share for the current fiscal year.

About Bitdeer Technologies Group

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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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