Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 7.1% - Should You Sell?

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) shares traded down 7.1% on Wednesday . The company traded as low as $7.50 and last traded at $7.62. 1,759,918 shares were traded during mid-day trading, a decline of 12% from the average session volume of 1,990,377 shares. The stock had previously closed at $8.20.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Benchmark reaffirmed a "buy" rating and set a $16.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, August 13th. Rosenblatt Securities restated a "buy" rating and issued a $9.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, October 8th. HC Wainwright lowered their price target on Bitdeer Technologies Group from $20.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, August 13th. Needham & Company LLC restated a "buy" rating and set a $14.00 target price on shares of Bitdeer Technologies Group in a report on Thursday, September 26th. Finally, B. Riley cut their price target on 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. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $13.70.

Bitdeer Technologies Group Stock Down 5.9 %

The company has a market cap of $864.38 million, a PE ratio of -18.78 and a beta of 1.92. The firm's 50-day moving average is $7.07 and its 200-day moving average is $7.62.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last released its quarterly 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). The business had revenue of $99.23 million during the quarter, compared to the consensus estimate of $110.79 million. Bitdeer Technologies Group had a negative return on equity of 2.56% and a negative net margin of 5.69%. As a group, equities research analysts anticipate that Bitdeer Technologies Group will post -0.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Bitdeer Technologies Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its holdings in Bitdeer Technologies Group by 901.0% during the second quarter. Millennium Management LLC now owns 410,359 shares of the company's stock worth $4,210,000 after buying an additional 369,363 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Bitdeer Technologies Group by 10.5% in the first quarter. Van ECK Associates Corp now owns 1,216,060 shares of the company's stock valued at $8,537,000 after purchasing an additional 115,882 shares during the period. Point72 Hong Kong Ltd purchased a new position in Bitdeer Technologies Group in the second quarter worth approximately $4,510,000. Thomist Capital Management LP purchased a new stake in shares of Bitdeer Technologies Group in the 2nd quarter valued at about $1,156,000. Finally, Point72 Asset Management L.P. purchased a new position in Bitdeer Technologies Group during the 2nd quarter worth $4,617,000. Institutional investors 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.