Bitdeer Technologies Group (NASDAQ:BTDR) Sets New 52-Week Low – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price hit a new 52-week low on Friday. The stock traded as low as $6.82 and last traded at $6.9250, with a volume of 3,829,948 shares. The stock had previously closed at $7.28.

Analysts Set New Price Targets

Several brokerages have recently commented on BTDR. Rosenblatt Securities reaffirmed a “buy” rating and set a $25.00 price objective on shares of Bitdeer Technologies Group in a research report on Tuesday, September 15th. Keefe, Bruyette & Woods dropped their target price on shares of Bitdeer Technologies Group from $14.00 to $10.00 and set a “market perform” rating on the stock in a research report on Thursday, August 13th. B. Riley Financial cut their target price on shares of Bitdeer Technologies Group from $23.00 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, August 13th. Weiss Ratings lowered shares of Bitdeer Technologies Group from a “hold (c-)” rating to a “sell (d-)” rating in a report on Friday, October 2nd. Finally, HC Wainwright reissued a “buy” rating on shares of Bitdeer Technologies Group in a research report on Friday, October 2nd. Ten analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $21.80.

Bitdeer Technologies Group Stock Performance

The firm has a market capitalization of $1.57 billion, a PE ratio of -2.25 and a beta of 2.56. 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’s fifty day simple moving average is $10.60 and its 200 day simple moving average is $12.55.

Bitdeer Technologies Group (NASDAQ:BTDR) last released its quarterly earnings results on Tuesday, June 30th. The company reported ($0.37) earnings per share for the quarter. Bitdeer Technologies Group had a negative return on equity of 54.72% and a negative net margin of 55.15%. The firm had revenue of $228.78 million during the quarter. As a group, equities research analysts expect that Bitdeer Technologies Group will post -1.68 EPS for the current fiscal year.

Insider Buying and Selling

In other Bitdeer Technologies Group news, CFO Michael Potter purchased 25,000 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was bought at an average cost of $9.04 per share, with a total value of $226,000.00. Following the transaction, the chief financial officer directly owned 25,000 shares in the company, valued at approximately $226,000. The trade was a ? increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Haris Basit acquired 25,000 shares of Bitdeer Technologies Group stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average cost of $8.84 per share, with a total value of $221,000.00. Following the transaction, the insider owned 35,000 shares in the company, valued at $309,400. This represents a 250.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of BTDR. GAMMA Investing LLC increased its holdings in Bitdeer Technologies Group by 57.3% in the 2nd quarter. GAMMA Investing LLC now owns 2,476 shares of the company’s stock worth $39,000 after acquiring an additional 902 shares in the last quarter. SBI Securities Co. Ltd. grew its position in Bitdeer Technologies Group by 80.7% in the third quarter. SBI Securities Co. Ltd. now owns 4,621 shares of the company’s stock worth $48,000 after acquiring an additional 2,064 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Bitdeer Technologies Group by 9.5% during the first quarter. The Manufacturers Life Insurance Company now owns 33,940 shares of the company’s stock valued at $294,000 after purchasing an additional 2,950 shares during the period. Activest Wealth Management lifted its stake in shares of Bitdeer Technologies Group by 150.0% in the 3rd quarter. Activest Wealth Management now owns 5,000 shares of the company’s stock valued at $52,000 after purchasing an additional 3,000 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in shares of Bitdeer Technologies Group in the 2nd quarter valued at approximately $66,000. Hedge funds and other institutional investors own 22.25% of the company’s stock.

About Bitdeer Technologies Group

Bitdeer Technologies Group is a technology company focused on cryptocurrency mining and related infrastructure. The company operates a vertically integrated platform that includes cryptocurrency mining, miner hosting, and hash rate sharing services, allowing customers to participate in digital asset mining without managing all of the underlying hardware and facilities.

Bitdeer conducts self-mining operations and provides data center services for mining equipment. It also develops and manufactures application-specific integrated circuit (ASIC) mining machines through its SEALMINER product line, with the goal of improving mining performance and energy efficiency.