Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down – Here’s What Happened

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) gapped down prior to trading on Monday . The stock had previously closed at $8.68, but opened at $8.50. Bitdeer Technologies Group shares last traded at $8.44, with a volume of 389,889 shares trading hands.

Wall Street Analysts Forecast Growth

BTDR has been the subject of a number of analyst reports. Needham & Company LLC restated a “buy” rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a report on Thursday, September 26th. Cantor Fitzgerald reissued an “overweight” rating and set a $13.00 price objective on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. Benchmark restated a “buy” rating and issued a $16.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, August 13th. Northland Capmk upgraded Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Finally, B. Riley lowered their price objective on Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating for the company in a report on Friday, October 11th. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $13.70.

Bitdeer Technologies Group Stock Down 5.0 %

The firm has a market cap of $923.72 million, a P/E ratio of -20.12 and a beta of 1.92. The company has a 50 day moving average of $7.05 and a two-hundred day moving average of $7.61.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Central Asset Investments & Management Holdings HK Ltd bought a new stake in shares of Bitdeer Technologies Group in the 2nd quarter valued at approximately $272,000. XTX Topco Ltd bought a new stake in Bitdeer Technologies Group in the second quarter worth approximately $276,000. Symmetry Investments LP acquired a new position in shares of Bitdeer Technologies Group during the 2nd quarter worth $432,000. Virtu Financial LLC bought a new position in shares of Bitdeer Technologies Group during the 1st quarter valued at $431,000. Finally, Thomist Capital Management LP acquired a new stake in shares of Bitdeer Technologies Group in the 2nd quarter valued at $1,156,000. Hedge funds and other institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Company Profile

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.