Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 10.8% – Here’s Why

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) traded down 10.8% during trading on Tuesday . The company traded as low as $20.55 and last traded at $20.65. 8,434,048 shares were traded during mid-day trading, an increase of 189% from the average session volume of 2,920,510 shares. The stock had previously closed at $23.14.

Analyst Ratings Changes

Several equities research analysts recently issued reports on BTDR shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $13.00 price target on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. Northland Securities lifted their price target 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. HC Wainwright upped their price objective on Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. B. Riley decreased their price target on shares of Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Finally, Benchmark lifted their price target on shares of Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Ten investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $18.60.

Bitdeer Technologies Group Stock Up 5.4 %

The stock has a market capitalization of $2.29 billion, a PE ratio of -39.31 and a beta of 2.27. The firm has a 50 day moving average price of $12.05 and a 200 day moving average price of $9.61.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Public Employees Retirement System of Ohio purchased a new position in shares of Bitdeer Technologies Group in the 3rd quarter worth about $66,000. Centiva Capital LP purchased a new position in Bitdeer Technologies Group in the third quarter valued at about $91,000. Barclays PLC bought a new position in shares of Bitdeer Technologies Group during the 3rd quarter valued at approximately $161,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Bitdeer Technologies Group during the 3rd quarter worth approximately $169,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Bitdeer Technologies Group in the 3rd quarter worth approximately $220,000. 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.