Bitdeer Technologies Group (NASDAQ:BTDR) Announces Earnings Results, Misses Expectations By $1.06 EPS

Bitdeer Technologies Group (NASDAQ:BTDR) announced its earnings results on Monday. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($1.06), Zacks reports. The firm had revenue of $169.71 million for the quarter, compared to analyst estimates of $151.80 million. Bitdeer Technologies Group had a negative return on equity of 55.73% and a negative net margin of 89.77%.The firm’s revenue was up 173.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.35) EPS.

Bitdeer Technologies Group Stock Down 20.2%

Shares of NASDAQ:BTDR traded down $4.44 during midday trading on Monday, hitting $17.55. 10,852,822 shares of the company’s stock traded hands, compared to its average volume of 5,712,845. Bitdeer Technologies Group has a twelve month low of $6.84 and a twelve month high of $27.80. The company has a market cap of $3.72 billion, a PE ratio of -3.73 and a beta of 2.28. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.84 and a current ratio of 1.03. The firm’s fifty day moving average price is $19.02 and its two-hundred day moving average price is $15.14.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on BTDR shares. B. Riley reissued a “buy” rating on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Bitdeer Technologies Group in a research report on Wednesday, October 8th. Needham & Company LLC upped their price target on shares of Bitdeer Technologies Group from $17.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. BTIG Research lifted their price target on shares of Bitdeer Technologies Group from $23.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, October 14th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $20.00 price objective on shares of Bitdeer Technologies Group in a research note on Wednesday, October 15th. Twelve investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Bitdeer Technologies Group has a consensus rating of “Moderate Buy” and an average target price of $27.58.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of large investors have recently modified their holdings of the stock. Bank of America Corp DE boosted its stake in shares of Bitdeer Technologies Group by 67.5% in the second quarter. Bank of America Corp DE now owns 6,337,339 shares of the company’s stock valued at $72,753,000 after purchasing an additional 2,553,093 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Bitdeer Technologies Group by 5,771.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 757,864 shares of the company’s stock worth $8,700,000 after buying an additional 744,956 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Bitdeer Technologies Group by 167.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 483,022 shares of the company’s stock valued at $4,265,000 after buying an additional 302,548 shares during the last quarter. Shaolin Capital Management LLC boosted its position in Bitdeer Technologies Group by 45.8% in the 2nd quarter. Shaolin Capital Management LLC now owns 649,667 shares of the company’s stock valued at $7,458,000 after buying an additional 204,167 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Bitdeer Technologies Group during the second quarter valued at about $1,558,000. Institutional investors and hedge funds 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.