Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 7% – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price was down 7% during trading on Tuesday . The company traded as low as $16.02 and last traded at $16.20. Approximately 2,912,180 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 6,928,404 shares. The stock had previously closed at $17.41.

Wall Street Analyst Weigh In

A number of research firms recently commented on BTDR. Keefe, Bruyette & Woods assumed coverage on Bitdeer Technologies Group in a research note on Monday, January 27th. They issued an “outperform” rating and a $26.50 target price on the stock. Northland Securities raised 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. Benchmark increased their price target on shares of Bitdeer Technologies Group from $16.00 to $29.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Rosenblatt Securities boosted their price objective on shares of Bitdeer Technologies Group from $22.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Finally, B. Riley increased their target price on shares of Bitdeer Technologies Group from $15.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Eleven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $22.23.

Bitdeer Technologies Group Trading Down 8.0 %

The company has a market cap of $1.79 billion, a PE ratio of -30.78 and a beta of 2.04. The stock has a 50 day moving average price of $19.84 and a 200 day moving average price of $12.33.

Institutional Trading of Bitdeer Technologies Group

A number of hedge funds and other institutional investors have recently modified their holdings of BTDR. Yong Rong HK Asset Management Ltd bought a new stake in Bitdeer Technologies Group during the fourth quarter worth about $65,010,000. Trivest Advisors Ltd bought a new stake in shares of Bitdeer Technologies Group in the 4th quarter worth approximately $48,481,000. Van ECK Associates Corp purchased a new stake in shares of Bitdeer Technologies Group in the 4th quarter worth approximately $29,125,000. Mirabella Financial Services LLP purchased a new position in Bitdeer Technologies Group during the third quarter valued at $5,872,000. Finally, FengHe Fund Management Pte. Ltd. purchased a new position in Bitdeer Technologies Group during the fourth quarter valued at $10,378,000. 22.25% of the stock is owned by hedge funds and other institutional investors.

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.