Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down – Should You Sell?

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price gapped down before the market opened on Monday . The stock had previously closed at $11.09, but opened at $10.75. Bitdeer Technologies Group shares last traded at $9.91, with a volume of 3,258,912 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Northland Securities began coverage on shares of Bitdeer Technologies Group in a report on Wednesday, October 9th. They issued an “outperform” rating and a $13.00 target price on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a report on Thursday, September 26th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $9.00 price target on shares of Bitdeer Technologies Group in a research report on Tuesday, October 8th. Benchmark restated a “buy” rating and set a $16.00 price target on shares of Bitdeer Technologies Group in a research note on Tuesday, August 13th. Finally, Alliance Global Partners began coverage on Bitdeer Technologies Group in a report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 target price for the company. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $13.70.

Bitdeer Technologies Group Stock Performance

The firm has a market cap of $1.29 billion, a P/E ratio of -49.68 and a beta of 1.92. The stock’s 50 day simple moving average is $7.92 and its 200 day simple moving average is $7.98.

Institutional Trading of Bitdeer Technologies Group

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