Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 4.1% - Should You Sell?

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) shares traded down 4.1% during mid-day trading on Thursday . The company traded as low as $7.76 and last traded at $8.01. 364,713 shares traded hands during trading, a decline of 82% from the average session volume of 1,978,770 shares. The stock had previously closed at $8.35.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. HC Wainwright dropped their price objective on shares of Bitdeer Technologies Group from $20.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, August 13th. Cantor Fitzgerald reiterated an "overweight" rating and set a $13.00 price objective on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. B. Riley dropped their price objective on shares of Bitdeer Technologies Group from $14.00 to $12.00 and set a "buy" rating on the stock in a research note on Friday, October 11th. Roth Mkm reiterated a "buy" rating and set a $14.00 price objective on shares of Bitdeer Technologies Group in a research note on Monday, July 1st. Finally, Northland Securities started coverage on shares of Bitdeer Technologies Group in a research note on Wednesday, October 9th. They issued an "outperform" rating and a $13.00 price target for the company. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $13.70.

Bitdeer Technologies Group Stock Down 3.4 %

The business's 50 day moving average is $7.04 and its 200-day moving average is $7.59. The firm has a market cap of $903.57 million, a P/E ratio of -19.68 and a beta of 1.92.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last released its earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.06). Bitdeer Technologies Group had a negative net margin of 5.69% and a negative return on equity of 2.56%. The business had revenue of $99.23 million for the quarter, compared to the consensus estimate of $110.79 million. As a group, equities analysts predict that Bitdeer Technologies Group will post -0.31 earnings per share for the current year.

Hedge Funds Weigh In On Bitdeer Technologies Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Millennium Management LLC boosted its holdings in shares of Bitdeer Technologies Group by 901.0% during the second quarter. Millennium Management LLC now owns 410,359 shares of the company's stock valued at $4,210,000 after acquiring an additional 369,363 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Bitdeer Technologies Group by 10.5% during the first quarter. Van ECK Associates Corp now owns 1,216,060 shares of the company's stock valued at $8,537,000 after acquiring an additional 115,882 shares during the period. Point72 Hong Kong Ltd acquired a new position in shares of Bitdeer Technologies Group during the second quarter valued at $4,510,000. Thomist Capital Management LP acquired a new position in shares of Bitdeer Technologies Group during the second quarter valued at $1,156,000. Finally, Point72 Asset Management L.P. acquired a new position in shares of Bitdeer Technologies Group during the second quarter valued at $4,617,000. Institutional investors and hedge funds own 22.25% of the company's stock.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and Hash rate marketplace; and a one-stop mining machine hosting solutions encompassing deployment, maintenance, and management services for efficient cryptocurrency mining; as well as mines cryptocurrencies for its own account.