Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 4.5% – Should You Sell?

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price traded down 4.5% during mid-day trading on Monday . The company traded as low as $19.52 and last traded at $19.57. 2,810,037 shares traded hands during trading, a decline of 8% from the average session volume of 3,042,199 shares. The stock had previously closed at $20.49.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Northland Capmk upgraded shares of Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Northland Securities upped their price objective on Bitdeer Technologies Group from $14.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $13.00 target price on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. Rosenblatt Securities raised their price target on Bitdeer Technologies Group from $17.00 to $22.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Alliance Global Partners assumed coverage on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. They set a “buy” rating and a $14.00 target price for the company. Ten research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $19.80.

Bitdeer Technologies Group Price Performance

The firm’s 50-day simple moving average is $13.09 and its 200 day simple moving average is $10.01. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of -45.31 and a beta of 2.27.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BTDR. Sanctuary Advisors LLC bought a new stake in shares of Bitdeer Technologies Group during the 3rd quarter valued at approximately $275,000. Barclays PLC acquired a new stake in Bitdeer Technologies Group in the third quarter valued at approximately $161,000. Geode Capital Management LLC increased its holdings in shares of Bitdeer Technologies Group by 14.6% during the third quarter. Geode Capital Management LLC now owns 368,564 shares of the company’s stock worth $2,886,000 after buying an additional 46,968 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Bitdeer Technologies Group in the 3rd quarter valued at $66,000. Finally, Y Intercept Hong Kong Ltd grew its position in Bitdeer Technologies Group by 96.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 44,328 shares of the company’s stock worth $347,000 after acquiring an additional 21,798 shares during the last quarter. 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.