Bitdeer Technologies Group (NASDAQ:BTDR) Sets New 52-Week Low – What’s Next?

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price hit a new 52-week low during trading on Thursday. The company traded as low as $5.97 and last traded at $5.7470, with a volume of 783,068 shares trading hands. The stock had previously closed at $6.53.

Analysts Set New Price Targets

Several analysts have commented on the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $25.00 price objective on shares of Bitdeer Technologies Group in a research note on Tuesday, September 15th. Weiss Ratings lowered Bitdeer Technologies Group from a “hold (c-)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. 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. Barclays upped their price target on Bitdeer Technologies Group from $15.00 to $17.00 and gave the stock an “overweight” rating in a research note on Friday, October 9th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Bitdeer Technologies Group in a report on Friday, October 2nd. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Bitdeer Technologies Group has a consensus rating of “Moderate Buy” and a consensus price target of $21.60.

Bitdeer Technologies Group Stock Performance

The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.20. The stock has a fifty day moving average price of $9.78 and a two-hundred day moving average price of $11.51. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of -1.96 and a beta of 2.72.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its earnings results on Tuesday, June 30th. The company reported ($0.37) earnings per share (EPS) 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 during the quarter. As a group, analysts forecast that Bitdeer Technologies Group will post -1.68 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Haris Basit acquired 25,000 shares of Bitdeer Technologies Group stock in a transaction that occurred on Friday, August 14th. The stock was acquired at an average price of $8.84 per share, for a total transaction of $221,000.00. Following the transaction, the insider directly owned 35,000 shares of the company’s stock, valued at $309,400. This trade represents a 250.00% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael Potter purchased 25,000 shares of the 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 completion of the acquisition, the chief financial officer directly owned 25,000 shares of the company’s stock, valued at approximately $226,000. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in shares of Bitdeer Technologies Group by 57.3% in the second quarter. GAMMA Investing LLC now owns 2,476 shares of the company’s stock worth $39,000 after buying an additional 902 shares during the last quarter. FNY Investment Advisers LLC bought a new position in shares of Bitdeer Technologies Group in the 2nd quarter valued at approximately $66,000. SBI Securities Co. Ltd. lifted its holdings in Bitdeer Technologies Group by 80.7% in the 3rd quarter. SBI Securities Co. Ltd. now owns 4,621 shares of the company’s stock worth $48,000 after purchasing an additional 2,064 shares during the last quarter. Hollencrest Capital Management acquired a new stake in Bitdeer Technologies Group in the 1st quarter worth approximately $43,000. Finally, Activest Wealth Management lifted its holdings in Bitdeer Technologies Group by 150.0% in the 3rd quarter. Activest Wealth Management now owns 5,000 shares of the company’s stock worth $52,000 after purchasing an additional 3,000 shares during the last quarter. Hedge funds and other institutional investors own 22.25% of the company’s stock.

About Bitdeer Technologies Group

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.