Bitdeer Technologies Group (NASDAQ:BTDR) Price Target Cut to $18.00 by Analysts at Needham & Company LLC

Bitdeer Technologies Group (NASDAQ:BTDR) had its target price decreased by Needham & Company LLC from $20.00 to $18.00 in a research note issued to investors on Wednesday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other equities analysts also recently weighed in on BTDR. Barclays raised their price target on Bitdeer Technologies Group from $15.00 to $17.00 and gave the stock an “overweight” rating in a research report on Friday, October 9th. Benchmark restated a “buy” rating on shares of Bitdeer Technologies Group in a research report on Tuesday, August 11th. B. Riley Financial decreased their price objective on Bitdeer Technologies Group from $21.00 to $19.00 and set a “buy” rating on the stock in a research note on Friday, October 30th. Weiss Ratings cut Bitdeer Technologies Group from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. Finally, HC Wainwright reiterated a “buy” rating on shares of Bitdeer Technologies Group in a research report on Friday, October 2nd. Ten analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.10.

Bitdeer Technologies Group Stock Up 9.7%

BTDR stock opened at $7.03 on Wednesday. The company’s 50 day simple moving average is $9.55 and its 200-day simple moving average is $11.39. The firm has a market capitalization of $1.60 billion, a PE ratio of -3.14 and a beta of 2.72. Bitdeer Technologies Group has a 12 month low of $5.03 and a 12 month high of $20.72. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.01 and a quick ratio of 1.01.

Bitdeer Technologies Group (NASDAQ:BTDR) last posted its earnings results on Tuesday, November 10th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.33) by ($0.13). The company had revenue of $320.75 million during the quarter, compared to analysts’ expectations of $258.18 million. Bitdeer Technologies Group had a negative net margin of 31.84% and a negative return on equity of 34.08%. Bitdeer Technologies Group’s quarterly revenue was up 89.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.28) EPS. Equities analysts expect that Bitdeer Technologies Group will post -1.68 earnings per share for the current fiscal year.

Insider Transactions at Bitdeer Technologies Group

In related news, insider Haris Basit bought 25,000 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was purchased at an average cost of $8.84 per share, for a total transaction of $221,000.00. Following the completion of the acquisition, the insider owned 35,000 shares in the company, valued at $309,400. This trade represents a 250.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of large investors have recently bought and sold shares of BTDR. GAMMA Investing LLC raised its position in shares of Bitdeer Technologies Group by 57.3% in the 2nd 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 period. SBI Securities Co. Ltd. increased its stake in Bitdeer Technologies Group by 80.7% during the third quarter. SBI Securities Co. Ltd. now owns 4,621 shares of the company’s stock worth $48,000 after acquiring an additional 2,064 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Bitdeer Technologies Group by 9.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 33,940 shares of the company’s stock worth $294,000 after purchasing an additional 2,950 shares during the period. Activest Wealth Management raised its holdings in shares of 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 period. Finally, FNY Investment Advisers LLC purchased a new position in shares of Bitdeer Technologies Group in the 2nd quarter worth about $66,000. Hedge funds and other institutional investors own 22.25% of the company’s stock.

Key Stories Impacting Bitdeer Technologies Group

Investors following BTDR have been watching these stories:

• Positive Sentiment: Q3 revenue reached a record $320.7 million, up 89% year over year and well above estimates of $258.18 million. Adjusted EBITDA rose 173% to $69.6 million, highlighting significant business growth. Bitdeer Q3 results
• Positive Sentiment: Bitdeer said it is targeting crypto-mining infrastructure capital spending of $200 million or less, while the first phase of its Tydal project remains on track for year-end delivery. Cost discipline and execution could support investor confidence. Capex and Tydal update
• Negative Sentiment: Bitdeer lost $0.46 per share, missing the consensus estimate of a $0.33 loss. Despite the revenue beat and improvement from a $1.28 loss a year earlier, the wider-than-expected shortfall helps explain why the stock came under pressure after results. Q3 earnings report

About Bitdeer Technologies Group

Bitdeer Technologies Group is a technology company focused on cryptocurrency mining and related infrastructure. Its business includes operating mining data centers, mining digital assets for its own account, and providing hosting services that allow customers to deploy and operate mining equipment. The company also develops and sells cryptocurrency mining machines and offers cloud hash rate services, which provide customers access to computing capacity for mining without requiring them to operate the equipment themselves.