Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 4.1% – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price dropped 4.1% on Tuesday . The stock traded as low as $17.05 and last traded at $17.04. Approximately 1,628,206 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 7,494,901 shares. The stock had previously closed at $17.77.

Analyst Upgrades and Downgrades

BTDR has been the topic of several research analyst reports. Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, October 9th. Roth Mkm increased their target price on shares of Bitdeer Technologies Group from $15.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Alliance Global Partners began coverage on shares of Bitdeer Technologies Group in a research report on Tuesday, October 8th. They set a “buy” rating and a $14.00 target price on the stock. Benchmark increased their target price on shares of Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, Northland Securities increased their target price on shares of Bitdeer Technologies Group from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Eleven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bitdeer Technologies Group presently has a consensus rating of “Buy” and a consensus price target of $21.50.

Bitdeer Technologies Group Trading Down 5.0 %

The firm has a market cap of $1.89 billion, a price-to-earnings ratio of -32.48 and a beta of 2.04. The company’s 50-day moving average is $19.45 and its 200-day moving average is $12.11.

Institutional Trading of Bitdeer Technologies Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Stonebridge Financial Group LLC acquired a new stake in Bitdeer Technologies Group in the fourth quarter valued at approximately $65,000. Public Employees Retirement System of Ohio acquired a new stake in Bitdeer Technologies Group in the third quarter valued at approximately $66,000. Valliance Asset Management Ltd acquired a new stake in Bitdeer Technologies Group in the fourth quarter valued at approximately $217,000. Centiva Capital LP acquired a new stake in Bitdeer Technologies Group in the third quarter valued at approximately $91,000. Finally, International Assets Investment Management LLC acquired a new stake in Bitdeer Technologies Group in the fourth quarter valued at approximately $308,000. Institutional investors and hedge funds 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.