Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 7.6% – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR) fell 7.6% during mid-day trading on Thursday . The company traded as low as $9.94 and last traded at $9.90. 1,424,884 shares were traded during mid-day trading, a decline of 65% from the average session volume of 4,062,971 shares. The stock had previously closed at $10.71.

Analysts Set New Price Targets

BTDR has been the topic of a number of research analyst reports. Rosenblatt Securities reissued a “buy” rating and set a $30.00 price objective on shares of Bitdeer Technologies Group in a report on Monday, February 24th. Northland Securities increased their price objective on Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Keefe, Bruyette & Woods initiated coverage on Bitdeer Technologies Group in a report on Monday, January 27th. They set an “outperform” rating and a $26.50 target price for the company. B. Riley increased their price target on shares of Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Finally, HC Wainwright restated a “buy” rating and set a $21.00 price objective (down from $22.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $21.80.

Bitdeer Technologies Group Price Performance

The stock has a market capitalization of $1.16 billion, a PE ratio of -19.90 and a beta of 2.12. The stock’s fifty day moving average is $15.84 and its 200-day moving average is $13.07.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its holdings in Bitdeer Technologies Group by 281.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 246,834 shares of the company’s stock worth $1,933,000 after purchasing an additional 182,110 shares during the period. Mirabella Financial Services LLP purchased a new position in shares of Bitdeer Technologies Group during the 3rd quarter valued at approximately $5,872,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Bitdeer Technologies Group during the 3rd quarter valued at approximately $169,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Bitdeer Technologies Group in the 3rd quarter valued at $220,000. Finally, Centiva Capital LP purchased a new stake in Bitdeer Technologies Group in the 3rd quarter worth $91,000. 22.25% of the stock is currently owned by institutional investors and hedge funds.

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.