Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 9.8% – What’s Next?

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) dropped 9.8% on Tuesday . The company traded as low as $20.64 and last traded at $21.00. Approximately 3,353,556 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 7,104,354 shares. The stock had previously closed at $23.28.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. B. Riley upped their price target on Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $13.00 target price on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. Northland Capmk upgraded Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Benchmark increased their price target on Bitdeer Technologies Group from $16.00 to $29.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, 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. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Bitdeer Technologies Group has a consensus rating of “Buy” and a consensus target price of $19.80.

Bitdeer Technologies Group Stock Performance

The company has a market cap of $2.08 billion, a P/E ratio of -35.73 and a beta of 2.09. The firm has a 50 day moving average price of $16.21 and a two-hundred day moving average price of $11.05.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Public Employees Retirement System of Ohio bought a new stake in Bitdeer Technologies Group during the 3rd quarter worth approximately $66,000. Centiva Capital LP bought a new position in shares of Bitdeer Technologies Group in the third quarter worth approximately $91,000. International Assets Investment Management LLC purchased a new position in Bitdeer Technologies Group in the 4th quarter worth approximately $308,000. Barclays PLC bought a new position in shares of Bitdeer Technologies Group in the 3rd quarter worth $161,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Bitdeer Technologies Group during the 3rd quarter worth $169,000. 22.25% of the stock is owned by 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.