Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 4.1% – Time to Sell?

Bitdeer Technologies Group (NASDAQ:BTDR) 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 changed hands during mid-day trading, a decline of 82% from the average session volume of 1,978,770 shares. The stock had previously closed at $8.35.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Alliance Global Partners assumed coverage on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 price target for the company. Northland Securities assumed coverage on shares of Bitdeer Technologies Group in a report on Wednesday, October 9th. They issued an “outperform” rating and a $13.00 price target for the company. HC Wainwright cut their price target on shares of Bitdeer Technologies Group from $20.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Needham & Company LLC reiterated a “buy” rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a report on Thursday, September 26th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $13.00 target price on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Bitdeer Technologies Group has a consensus rating of “Buy” and an average target price of $13.70.

Bitdeer Technologies Group Stock Down 3.0 %

The business’s fifty day moving average is $7.04 and its 200-day moving average is $7.58. The stock has a market capitalization of $906.92 million, a PE ratio of -19.78 and a beta of 1.92.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.06). Bitdeer Technologies Group had a negative return on equity of 2.56% and a negative net margin of 5.69%. The company had revenue of $99.23 million for the quarter, compared to analyst estimates of $110.79 million. As a group, sell-side analysts anticipate that Bitdeer Technologies Group will post -0.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Vident Advisory LLC increased its stake in Bitdeer Technologies Group by 186.4% in the 1st quarter. Vident Advisory LLC now owns 868,622 shares of the company’s stock worth $6,098,000 after purchasing an additional 565,362 shares in the last quarter. D1 Capital Partners L.P. bought a new stake in shares of Bitdeer Technologies Group during the 2nd quarter worth $5,386,000. Marshall Wace LLP acquired a new stake in shares of Bitdeer Technologies Group in the second quarter valued at about $5,074,000. Point72 Asset Management L.P. bought a new position in Bitdeer Technologies Group in the 2nd quarter worth approximately $4,617,000. Finally, Point72 Hong Kong Ltd acquired a new position in Bitdeer Technologies Group during the 2nd quarter valued at $4,510,000. 22.25% of the stock is owned by institutional investors and hedge funds.

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.