Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 6.4% After Analyst Downgrade

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price fell 6.4% during trading on Tuesday after Benchmark lowered their price target on the stock from $38.00 to $27.00. Benchmark currently has a buy rating on the stock. Bitdeer Technologies Group traded as low as $12.32 and last traded at $12.4190. 2,679,439 shares were traded during mid-day trading, a decline of 53% from the average session volume of 5,710,876 shares. The stock had previously closed at $13.27.

Other analysts have also issued reports about the stock. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $14.00 price target (down from $26.50) on shares of Bitdeer Technologies Group in a research note on Tuesday, January 27th. BTIG Research reissued a “buy” rating on shares of Bitdeer Technologies Group in a report on Friday, January 16th. HC Wainwright decreased their price target on Bitdeer Technologies Group from $32.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Needham & Company LLC lifted their price target on Bitdeer Technologies Group from $17.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Finally, B. Riley Financial cut their price objective on Bitdeer Technologies Group from $32.00 to $29.00 and set a “buy” rating for the company in a report on Wednesday, November 12th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $27.90.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BTDR. Advisors Asset Management Inc. increased its stake in shares of Bitdeer Technologies Group by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 2,570 shares of the company’s stock worth $30,000 after purchasing an additional 1,044 shares during the period. Amalgamated Bank acquired a new position in Bitdeer Technologies Group in the 2nd quarter valued at $35,000. Empowered Funds LLC bought a new position in Bitdeer Technologies Group during the 4th quarter worth $34,000. Tower Research Capital LLC TRC lifted its holdings in shares of Bitdeer Technologies Group by 7,157.0% during the second quarter. Tower Research Capital LLC TRC now owns 7,257 shares of the company’s stock worth $83,000 after buying an additional 7,157 shares in the last quarter. Finally, Ameritas Investment Partners Inc. bought a new stake in shares of Bitdeer Technologies Group in the second quarter valued at about $105,000. 22.25% of the stock is owned by institutional investors.

Bitdeer Technologies Group Stock Performance

The company has a debt-to-equity ratio of 0.46, a current ratio of 0.90 and a quick ratio of 0.74. The stock’s 50-day moving average price is $12.33 and its 200-day moving average price is $14.82. The company has a market cap of $2.54 billion, a P/E ratio of -2.13 and a beta of 2.33.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued its quarterly earnings data on Monday, November 10th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($1.06). The business had revenue of $169.71 million during the quarter, compared to analyst estimates 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 for the quarter was up 173.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.35) EPS. Equities analysts anticipate that Bitdeer Technologies Group will post -0.73 EPS for the current year.

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.