Shares of Bitdeer Technologies Group (NASDAQ:BTDR – Get Free Report) reached a new 52-week low during trading on Friday after B. Riley Financial lowered their price target on the stock from $21.00 to $19.00. B. Riley Financial currently has a buy rating on the stock. Bitdeer Technologies Group traded as low as $6.55 and last traded at $6.5550, with a volume of 4,841,613 shares trading hands. The stock had previously closed at $7.58.
Other research analysts have also issued research reports about the company. Keefe, Bruyette & Woods dropped their target price on Bitdeer Technologies Group from $14.00 to $10.00 and set a “market perform” rating on the stock in a report on Thursday, August 13th. Benchmark restated a “buy” rating on shares of Bitdeer Technologies Group in a report on Tuesday, August 11th. Cantor Fitzgerald restated an “overweight” rating on shares of Bitdeer Technologies Group in a research note on Monday. Weiss Ratings cut Bitdeer Technologies Group from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. Finally, Needham & Company LLC reduced their price target on Bitdeer Technologies Group from $22.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, August 11th. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Bitdeer Technologies Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.60.
Check Out Our Latest Stock Report on BTDR
Insider Activity
In other news, insider Haris Basit purchased 25,000 shares of the stock in a transaction dated Friday, August 14th. The shares were acquired at an average cost of $8.84 per share, for a total transaction of $221,000.00. Following the acquisition, the insider owned 35,000 shares of the company’s stock, valued at approximately $309,400. This represents a 250.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael Potter acquired 25,000 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were bought at an average price of $9.04 per share, for a total transaction of $226,000.00. Following the acquisition, the chief financial officer owned 25,000 shares of the company’s stock, valued at approximately $226,000. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.
Institutional Investors Weigh In On Bitdeer Technologies Group
Institutional investors have recently modified their holdings of the business. Bank of America Corp DE lifted its holdings in Bitdeer Technologies Group by 1,366.7% in the 1st quarter. Bank of America Corp DE now owns 3,227,585 shares of the company’s stock valued at $27,919,000 after purchasing an additional 3,007,523 shares in the last quarter. Q Fund Management Hong Kong Ltd purchased a new position in shares of Bitdeer Technologies Group in the third quarter valued at approximately $3,321,000. Situational Awareness LP grew its stake in Bitdeer Technologies Group by 92.4% during the 1st quarter. Situational Awareness LP now owns 3,439,450 shares of the company’s stock worth $29,751,000 after purchasing an additional 1,651,450 shares in the last quarter. Engineers Gate Manager LP acquired a new position in Bitdeer Technologies Group during the 2nd quarter worth approximately $2,115,000. Finally, Bank of Nova Scotia boosted its holdings 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 valued at $11,846,000 after purchasing an additional 652,874 shares in the last quarter. 22.25% of the stock is currently owned by institutional investors and hedge funds.
Bitdeer Technologies Group Stock Down 13.8%
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 cap of $1.49 billion, a price-to-earnings ratio of -2.14 and a beta of 2.56. The firm’s 50 day simple moving average is $10.35 and its 200-day simple moving average is $11.75.
Bitdeer Technologies Group (NASDAQ:BTDR – Get Free Report) last posted its quarterly earnings data on Tuesday, June 30th. The company reported ($0.37) earnings per share for the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. The company had revenue of $228.78 million for the quarter. As a group, sell-side analysts anticipate that Bitdeer Technologies Group will post -1.68 earnings per share for the current year.
Bitdeer Technologies Group Company Profile
Bitdeer Technologies Group is a technology company focused on cryptocurrency mining and related infrastructure. The company operates a vertically integrated platform that includes cryptocurrency mining, miner hosting, and hash rate sharing services, allowing customers to participate in digital asset mining without managing all of the underlying hardware and facilities.
Bitdeer conducts self-mining operations and provides data center services for mining equipment. It also develops and manufactures application-specific integrated circuit (ASIC) mining machines through its SEALMINER product line, with the goal of improving mining performance and energy efficiency.
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