Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 8.6% – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price fell 8.6% on Thursday . The stock traded as low as $16.31 and last traded at $16.02. Approximately 634,864 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 8,408,638 shares. The stock had previously closed at $17.52.

Analyst Upgrades and Downgrades

BTDR has been the topic of a number of recent research reports. Zacks Research upgraded Bitdeer Technologies Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Citizens Jmp began coverage on shares of Bitdeer Technologies Group in a research report on Wednesday. They issued a “market outperform” rating and a $35.00 target price for the company. Needham & Company LLC upped their target price on Bitdeer Technologies Group from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. B. Riley Financial upped their price objective on Bitdeer Technologies Group from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating on shares of Bitdeer Technologies Group in a report on Wednesday, May 20th. Ten analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Bitdeer Technologies Group currently has an average rating of “Moderate Buy” and a consensus target price of $25.45.

Bitdeer Technologies Group Price Performance

The company has a quick ratio of 1.11, a current ratio of 1.85 and a debt-to-equity ratio of 1.88. The stock has a market cap of $4.05 billion, a P/E ratio of -4.98 and a beta of 2.45. The company’s 50 day moving average price is $15.24 and its 200-day moving average price is $12.25.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Fund Resources Investment Holding Group Co Ltd bought a new stake in Bitdeer Technologies Group in the fourth quarter worth approximately $102,732,000. Bank of America Corp DE increased its stake in Bitdeer Technologies Group by 1,366.7% in the first 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. Value Aligned Research Advisors LLC boosted its position in shares of Bitdeer Technologies Group by 137.0% during the 4th quarter. Value Aligned Research Advisors LLC now owns 3,267,614 shares of the company’s stock worth $36,630,000 after purchasing an additional 1,888,825 shares in the last quarter. Situational Awareness LP grew its stake in shares of Bitdeer Technologies Group by 92.4% in the 1st quarter. Situational Awareness LP now owns 3,439,450 shares of the company’s stock valued at $29,751,000 after buying an additional 1,651,450 shares during the period. Finally, Azora Capital LP acquired a new position in Bitdeer Technologies Group during the 3rd quarter worth approximately $23,817,000. 22.25% of the stock is owned by institutional investors.

About Bitdeer Technologies Group

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.