Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 9.4% Following Weak Earnings

Bitdeer Technologies Group (NASDAQ:BTDR) shares fell 9.4% during mid-day trading on Monday after the company announced weaker than expected quarterly earnings. The stock traded as low as $9.95 and last traded at $9.8620. Approximately 3,763,780 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 8,820,857 shares. The stock had previously closed at $10.88.

The company reported ($0.37) earnings per share for the quarter. Bitdeer Technologies Group had a negative net margin of 68.11% and a negative return on equity of 69.95%. The firm had revenue of $228.78 million during the quarter.

Analyst Ratings Changes

A number of research firms recently commented on BTDR. Benchmark lowered their price objective on shares of Bitdeer Technologies Group from $27.00 to $22.00 and set a “buy” rating for the company in a research report on Thursday. Keefe, Bruyette & Woods decreased their target price on Bitdeer Technologies Group from $17.00 to $14.00 and set a “market perform” rating for the company in a research note on Tuesday, July 28th. Zacks Research upgraded Bitdeer Technologies Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Rosenblatt Securities boosted their price objective on Bitdeer Technologies Group from $18.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Finally, B. Riley Financial lifted their price target on shares of Bitdeer Technologies Group from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Eleven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Bitdeer Technologies Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.55.

Hedge Funds Weigh In On Bitdeer Technologies Group

Hedge funds have recently made changes to their positions in the business. Empowered Funds LLC bought a new stake in shares of Bitdeer Technologies Group in the fourth quarter worth $34,000. GAMMA Investing LLC increased its stake in Bitdeer Technologies Group by 57.3% in the 2nd quarter. GAMMA Investing LLC now owns 2,476 shares of the company’s stock valued at $39,000 after buying an additional 902 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in Bitdeer Technologies Group during the 4th quarter worth about $39,000. Hollencrest Capital Management acquired a new position in shares of Bitdeer Technologies Group during the 1st quarter worth about $43,000. Finally, FNY Investment Advisers LLC bought a new position in shares of Bitdeer Technologies Group in the 2nd quarter valued at about $66,000. 22.25% of the stock is owned by institutional investors.

Bitdeer Technologies Group Price Performance

The company has a debt-to-equity ratio of 1.88, a quick ratio of 1.11 and a current ratio of 1.85. The company has a fifty day moving average price of $14.52 and a two-hundred day moving average price of $12.35. The company has a market cap of $2.38 billion, a P/E ratio of -2.92 and a beta of 2.50.

Bitdeer Technologies Group Company Profile

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.