Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 7.4% – Time to Sell?

Bitdeer Technologies Group (NASDAQ:BTDR) traded down 7.4% on Wednesday. The company traded as low as $10.32 and last traded at $10.1030. Approximately 2,053,658 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 9,623,103 shares. The stock had previously closed at $10.91.

Analyst Ratings Changes

Several research firms have recently commented on BTDR. Benchmark reissued a “buy” rating on shares of Bitdeer Technologies Group in a research note on Tuesday, August 11th. HC Wainwright reiterated a “buy” rating on shares of Bitdeer Technologies Group in a report on Friday, October 2nd. Citizens Jmp started coverage on shares of Bitdeer Technologies Group in a research report on Wednesday, June 24th. They issued a “market outperform” rating and a $35.00 price target for the company. B. Riley Financial dropped their price target on shares of Bitdeer Technologies Group from $23.00 to $21.00 and set a “buy” rating for the company in a research note on Thursday, August 13th. Finally, Needham & Company LLC cut their price objective on Bitdeer Technologies Group from $22.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, August 11th. Eleven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.27.

Bitdeer Technologies Group Price Performance

The stock’s fifty day moving average price is $10.95 and its two-hundred day moving average price is $12.58. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of -3.18 and a beta of 2.56. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.20.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its earnings results on Tuesday, June 30th. The company reported ($0.37) EPS for the quarter. The firm had revenue of $228.78 million for the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. Equities research analysts expect that Bitdeer Technologies Group will post -1.68 EPS for the current year.

Insider Transactions at Bitdeer Technologies Group

In other Bitdeer Technologies Group news, insider Haris Basit acquired 25,000 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were acquired at an average price of $8.84 per share, for a total transaction of $221,000.00. Following the acquisition, the insider owned 35,000 shares in the company, valued at $309,400. The trade was a 250.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Michael G. Potter bought 25,000 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were acquired at an average cost of $9.04 per share, for a total transaction of $226,000.00. Following the transaction, the chief financial officer directly owned 25,000 shares in the company, valued at approximately $226,000. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BTDR. Fund Resources Investment Holding Group Co Ltd raised its holdings in Bitdeer Technologies Group by 3.0% during the first quarter. Fund Resources Investment Holding Group Co Ltd now owns 9,440,418 shares of the company’s stock worth $81,660,000 after purchasing an additional 276,098 shares in the last quarter. Situational Awareness LP grew its position 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 last quarter. Bank of America Corp DE grew its position in shares of 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 buying an additional 3,007,523 shares during the last quarter. CastleKnight Management LP grew its position in shares of Bitdeer Technologies Group by 14.8% in the 4th quarter. CastleKnight Management LP now owns 2,095,116 shares of the company’s stock valued at $23,486,000 after buying an additional 269,875 shares during the last quarter. Finally, Bank of Nova Scotia raised its stake in Bitdeer Technologies Group by 91.1% during the 1st quarter. Bank of Nova Scotia now owns 1,369,447 shares of the company’s stock worth $11,846,000 after acquiring an additional 652,874 shares in the last quarter. 22.25% of the stock is owned by institutional investors and hedge funds.

About Bitdeer Technologies Group

Bitdeer Technologies Group is a Singapore-based technology company focused on cryptocurrency mining and high-performance computing. The company operates an integrated platform that includes digital asset mining, mining-machine hosting and hash-rate sharing services for institutional and individual customers.

Bitdeer also develops proprietary cryptocurrency-mining hardware under the SEALMINER brand. Its activities span the design, production and deployment of application-specific integrated circuit (ASIC) mining machines, as well as the operation of data centers that support its own mining activities and hosting customers.

The company operates data-center and mining infrastructure across multiple international markets, including North America, Europe and Asia.