Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 4% – What’s Next?

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price dropped 4% on Tuesday . The stock traded as low as $11.24 and last traded at $11.38. Approximately 2,938,108 shares were traded during trading, an increase of 30% from the average daily volume of 2,251,488 shares. The stock had previously closed at $11.85.

Analyst Ratings Changes

BTDR has been the subject of several recent research reports. Rosenblatt Securities boosted their price objective on Bitdeer Technologies Group from $9.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday. HC Wainwright boosted their price objective on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday. Northland Capmk raised Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, October 9th. Cantor Fitzgerald reissued an “overweight” rating and set a $13.00 price objective on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. Finally, Benchmark restated a “buy” rating and set a $16.00 target price on shares of Bitdeer Technologies Group in a research report on Tuesday. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Bitdeer Technologies Group currently has an average rating of “Buy” and an average target price of $14.80.

Bitdeer Technologies Group Stock Performance

The company has a 50-day moving average of $8.26 and a 200-day moving average of $8.09. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -22.38 and a beta of 1.92.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Mirabella Financial Services LLP bought a new stake in Bitdeer Technologies Group in the 3rd quarter valued at approximately $5,872,000. D1 Capital Partners L.P. bought a new stake in Bitdeer Technologies Group in the 2nd quarter valued at approximately $5,386,000. Marshall Wace LLP bought a new stake in Bitdeer Technologies Group in the 2nd quarter valued at approximately $5,074,000. Point72 Asset Management L.P. bought a new stake in Bitdeer Technologies Group in the 2nd quarter valued at approximately $4,617,000. Finally, Point72 Hong Kong Ltd bought a new stake in Bitdeer Technologies Group in the 2nd quarter valued at approximately $4,510,000. 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.