Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down After Analyst Downgrade

Bitdeer Technologies Group (NASDAQ:BTDR) gapped down prior to trading on Thursday after B. Riley lowered their price target on the stock from $32.00 to $29.00. The stock had previously closed at $13.94, but opened at $10.86. B. Riley currently has a buy rating on the stock. Bitdeer Technologies Group shares last traded at $11.2170, with a volume of 13,013,884 shares trading hands.

BTDR has been the subject of a number of other reports. Benchmark reiterated a “buy” rating on shares of Bitdeer Technologies Group in a report on Monday, October 20th. Cantor Fitzgerald lifted their price objective on shares of Bitdeer Technologies Group from $30.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Jones Trading started coverage on shares of Bitdeer Technologies Group in a research report on Monday, October 6th. They set a “buy” rating and a $32.00 price objective on the stock. HC Wainwright cut their price target on shares of Bitdeer Technologies Group from $32.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Bitdeer Technologies Group in a research note on Wednesday, October 8th. Twelve investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $30.33.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several hedge funds have recently made changes to their positions in the stock. Teacher Retirement System of Texas raised its holdings in shares of Bitdeer Technologies Group by 241.0% during the first quarter. Teacher Retirement System of Texas now owns 52,097 shares of the company’s stock valued at $460,000 after acquiring an additional 36,819 shares in the last quarter. SBI Securities Co. Ltd. increased its holdings in Bitdeer Technologies Group by 507.1% in the 1st quarter. SBI Securities Co. Ltd. now owns 22,002 shares of the company’s stock valued at $194,000 after acquiring an additional 18,378 shares during the last quarter. Victory Capital Management Inc. purchased a new stake in shares of Bitdeer Technologies Group during the 1st quarter valued at about $2,491,000. KLP Kapitalforvaltning AS grew its holdings in Bitdeer Technologies Group by 111.4% during the 1st quarter. KLP Kapitalforvaltning AS now owns 16,700 shares of the company’s stock valued at $147,000 after purchasing an additional 8,800 shares during the last quarter. Finally, 1492 Capital Management LLC increased its position in shares of Bitdeer Technologies Group by 82.7% during the first quarter. 1492 Capital Management LLC now owns 57,539 shares of the company’s stock worth $508,000 after acquiring an additional 26,042 shares during the period. 22.25% of the stock is currently owned by hedge funds and other institutional investors.

Bitdeer Technologies Group Trading Down 18.0%

The company’s fifty day moving average is $19.11 and its 200-day moving average is $15.21. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.90 and a quick ratio of 0.84. The company has a market capitalization of $2.42 billion, a PE ratio of -2.03 and a beta of 2.28.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its quarterly earnings results on Monday, November 10th. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($0.22) by ($1.06). The company had revenue of $169.71 million during the quarter, compared to analysts’ expectations of $151.80 million. Bitdeer Technologies Group had a negative return on equity of 91.31% and a negative net margin of 115.59%.Bitdeer Technologies Group’s revenue was up 173.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.35) EPS. On average, analysts anticipate that Bitdeer Technologies Group will post -0.73 EPS for the current fiscal year.

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.