Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 6.3% – Time to Sell?

Bitdeer Technologies Group (NASDAQ:BTDR) dropped 6.3% during mid-day trading on Friday . The stock traded as low as $10.54 and last traded at $10.62. Approximately 1,918,113 shares were traded during trading, a decline of 80% from the average daily volume of 9,529,253 shares. The stock had previously closed at $11.33.

Wall Street Analyst Weigh In

Several research firms have issued reports on BTDR. Citizens Jmp assumed coverage on Bitdeer Technologies Group in a research report on Wednesday, June 24th. They issued a “market outperform” rating and a $35.00 price objective for the company. Benchmark restated a “buy” rating on shares of Bitdeer Technologies Group in a research report on Tuesday, August 11th. Rosenblatt Securities upped their price target on shares of Bitdeer Technologies Group from $18.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Barclays started coverage on shares of Bitdeer Technologies Group in a report on Thursday, August 20th. They issued an “overweight” rating and a $15.00 price target for the company. Finally, Zacks Research raised shares of Bitdeer Technologies Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Twelve investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Bitdeer Technologies Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

Bitdeer Technologies Group Stock Performance

The stock has a 50-day simple moving average of $12.21 and a 200 day simple moving average of $12.00. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market capitalization of $2.32 billion, a PE ratio of -3.34 and a beta of 2.50.

Bitdeer Technologies Group (NASDAQ:BTDR) last announced its quarterly earnings results on Tuesday, June 30th. The company reported ($0.37) earnings per share for the quarter. The firm had revenue of $228.78 million during the quarter. Bitdeer Technologies Group had a negative net margin of 55.15% and a negative return on equity of 54.72%. Equities analysts anticipate that Bitdeer Technologies Group will post -1.72 EPS for the current fiscal year.

Insider Transactions at Bitdeer Technologies Group

In other Bitdeer Technologies Group news, CFO Michael G. Potter purchased 25,000 shares of Bitdeer Technologies Group stock in a transaction on Wednesday, August 12th. The shares were bought at an average price of $9.04 per share, with a total value of $226,000.00. Following the completion of the acquisition, the chief financial officer directly owned 25,000 shares of the company’s stock, valued at approximately $226,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Haris Fozan Basit purchased 25,000 shares of the stock in a transaction dated Friday, August 14th. The stock was acquired at an average price of $8.84 per share, for a total transaction of $221,000.00. Following the completion of the transaction, the insider directly owned 35,000 shares of the company’s stock, valued at approximately $309,400. The trade was a 250.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Corient Private Wealth LP purchased a new stake in Bitdeer Technologies Group in the 2nd quarter valued at approximately $164,000. California State Teachers Retirement System increased its position in Bitdeer Technologies Group by 1,737.9% during the second quarter. California State Teachers Retirement System now owns 2,064,354 shares of the company’s stock worth $32,761,000 after buying an additional 1,952,035 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Bitdeer Technologies Group in the second quarter worth $506,000. Handelsbanken Fonder AB raised its holdings in shares of Bitdeer Technologies Group by 59.4% in the second quarter. Handelsbanken Fonder AB now owns 37,300 shares of the company’s stock worth $592,000 after acquiring an additional 13,900 shares during the last quarter. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Bitdeer Technologies Group in the second quarter valued at $66,000. 22.25% of the stock is currently owned by institutional investors and hedge funds.

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.