Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 6.3% - What's Next?

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) traded down 6.3% on Wednesday . The company traded as low as $8.63 and last traded at $8.65. Approximately 148,088 shares were traded during mid-day trading, a decline of 93% from the average session volume of 2,013,154 shares. The stock had previously closed at $9.23.

Wall Street Analyst Weigh In

BTDR has been the subject of a number of analyst reports. Needham & Company LLC reissued a "buy" rating and set a $14.00 target price on shares of Bitdeer Technologies Group in a research note on Thursday, September 26th. Benchmark reissued a "buy" rating and issued a $16.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday, August 13th. Cantor Fitzgerald restated an "overweight" rating and issued a $13.00 target price on shares of Bitdeer Technologies Group in a research report on Thursday, October 3rd. HC Wainwright reduced their price target on Bitdeer Technologies Group from $20.00 to $17.00 and set a "buy" rating for the company in a research report on Tuesday, August 13th. Finally, Northland Securities began coverage on Bitdeer Technologies Group in a report on Wednesday, October 9th. They set an "outperform" rating and a $13.00 price target on the stock. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $13.70.

Bitdeer Technologies Group Stock Down 6.0 %

The firm has a market capitalization of $971.86 million, a price-to-earnings ratio of -45.68 and a beta of 1.92. The firm's 50 day moving average is $7.22 and its 200 day moving average is $7.68.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) last announced its quarterly earnings data on Monday, August 12th. The company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.06). The company had revenue of $99.23 million for the quarter, compared to analyst estimates of $110.79 million. Bitdeer Technologies Group had a negative net margin of 5.69% and a negative return on equity of 2.56%. On average, sell-side 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

A number of institutional investors have recently bought and sold shares of BTDR. Central Asset Investments & Management Holdings HK Ltd acquired a new position in shares of Bitdeer Technologies Group in the second quarter worth about $272,000. XTX Topco Ltd acquired a new position in Bitdeer Technologies Group in the 2nd quarter worth approximately $276,000. Symmetry Investments LP acquired a new position in Bitdeer Technologies Group in the 2nd quarter worth approximately $432,000. Virtu Financial LLC acquired a new stake in Bitdeer Technologies Group during the 1st quarter valued at $431,000. Finally, Thomist Capital Management LP acquired a new stake in Bitdeer Technologies Group during the 2nd quarter valued at $1,156,000. Hedge funds and other institutional investors own 22.25% of the company's stock.

About Bitdeer Technologies Group

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.