Last Updated: 10 Nov 2024
Executive Summary
Bitdeer Technologies Group Class A Ordinary Shares (BTDR) is a technology company for the cryptocurrency mining community. The company has a market capitalization of $1.49 billion and is headquartered in Singapore. BTDR reported a loss per share of $0.20 in the latest quarter and has a forward P/E ratio of 97.09. The stock has a 52-week high of $14.27 and a 52-week low of $3.69. The current stock price is $8.96.
Company Overview
Bitdeer Technologies Group provides cloud mining services to cryptocurrency miners. The company's services allow miners to rent computing power to mine cryptocurrencies without having to purchase and maintain their own mining equipment. Bitdeer Technologies Group has a global presence with operations in North America, Europe, and Asia.
Fundamental Analysis
Bitdeer Technologies Group's financial performance has been mixed in recent quarters. The company reported a loss per share of $0.20 in the latest quarter, which was wider than the loss per share of $0.15 that analysts had expected. Revenue for the quarter was $420.9 million, which was in line with analysts' expectations.
Bitdeer Technologies Group's profitability has been hurt by the recent decline in cryptocurrency prices. The company's gross profit margin was -5.69% in the latest quarter, which was down from 1.5% in the same quarter last year. The company's operating margin was -17.3% in the latest quarter, which was down from -10.2% in the same quarter last year.
Bitdeer Technologies Group's balance sheet is strong. The company has $1.1 billion in cash and equivalents and no debt. The company's book value per share is $3.44.
Technical Analysis
BTDR has been in a downtrend since reaching a 52-week high of $14.27 in November 2021. The stock has been trading below its 50-day and 200-day moving averages for the past several months. The stock's relative strength index (RSI) is currently at 35.5, which indicates that the stock is oversold.
Short Term Outlook
BTDR is likely to remain in a downtrend in the short term. The stock is trading below its key moving averages and its RSI is oversold. The stock could fall to its 52-week low of $3.69 in the coming weeks.
Long Term Outlook
BTDR's long-term outlook is uncertain. The company's profitability has been hurt by the recent decline in cryptocurrency prices. If cryptocurrency prices continue to decline, BTDR's profitability could continue to suffer. However, if cryptocurrency prices recover, BTDR could be a good long-term investment.
Analyst Recommendations
Analysts are mixed on BTDR. One analyst has a strong buy rating on the stock, eight analysts have a buy rating, and no analysts have a hold, sell, or strong sell rating. The average analyst target price for BTDR is $13.89.
