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

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price traded down 4.1% during trading on Thursday . The company traded as low as $7.76 and last traded at $8.01. 364,713 shares were traded 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.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. 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 report on Friday, October 11th. Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Needham & Company LLC reissued a “buy” rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a research report on Thursday, September 26th. Roth Mkm reissued a “buy” rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a research report on Monday, July 1st. Finally, Alliance Global Partners assumed coverage on shares of Bitdeer Technologies Group in a research report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 price objective on the stock. Ten investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $13.70.

Bitdeer Technologies Group Trading Down 3.0 %

The firm has a market cap of $906.92 million, a price-to-earnings ratio of -19.78 and a beta of 1.92. The firm’s fifty day moving average price is $7.04 and its 200-day moving average price is $7.58.

Bitdeer Technologies Group (NASDAQ:BTDR) last issued 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). The business had revenue of $99.23 million for the quarter, compared to analyst estimates of $110.79 million. Bitdeer Technologies Group had a negative return on equity of 2.56% and a negative net margin of 5.69%. On average, sell-side analysts expect that Bitdeer Technologies Group will post -0.31 earnings per share for the current year.

Institutional Trading of Bitdeer Technologies Group

Several hedge funds have recently made changes to their positions in the company. Central Asset Investments & Management Holdings HK Ltd acquired a new stake in shares of Bitdeer Technologies Group in the 2nd quarter worth $272,000. XTX Topco Ltd acquired a new stake in shares of Bitdeer Technologies Group in the 2nd quarter worth $276,000. Symmetry Investments LP acquired a new stake in shares of Bitdeer Technologies Group in the 2nd quarter worth $432,000. Virtu Financial LLC acquired a new stake in shares of Bitdeer Technologies Group in the 1st quarter worth $431,000. Finally, Thomist Capital Management LP acquired a new stake in shares of Bitdeer Technologies Group in the 2nd quarter worth $1,156,000. Institutional investors and hedge funds 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.