Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down – What’s Next?

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $11.68, but opened at $10.97. Bitdeer Technologies Group shares last traded at $11.32, with a volume of 712,982 shares.

Wall Street Analyst Weigh In

BTDR has been the topic of several research reports. Keefe, Bruyette & Woods started coverage on Bitdeer Technologies Group in a research report on Monday, January 27th. They issued an “outperform” rating and a $26.50 target price on the stock. Needham & Company LLC cut their price objective on Bitdeer Technologies Group from $22.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Northland Securities lifted their target price on Bitdeer Technologies Group from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. HC Wainwright reiterated a “buy” rating and issued a $21.00 target price (down previously from $22.00) on shares of Bitdeer Technologies Group in a research report on Wednesday, February 26th. Finally, B. Riley raised their price target on shares of Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Eleven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $21.18.

Bitdeer Technologies Group Stock Performance

The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -20.66 and a beta of 2.12. The business’s 50 day moving average price is $17.62 and its 200 day moving average price is $12.94.

Institutional Trading of Bitdeer Technologies Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Bitdeer Technologies Group by 3.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,358 shares of the company’s stock worth $636,000 after acquiring an additional 916 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of Bitdeer Technologies Group by 14.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 9,600 shares of the company’s stock valued at $208,000 after purchasing an additional 1,200 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Bitdeer Technologies Group by 56.4% in the 4th quarter. Wells Fargo & Company MN now owns 4,270 shares of the company’s stock worth $93,000 after purchasing an additional 1,540 shares during the period. Quarry LP purchased a new position in Bitdeer Technologies Group during the fourth quarter worth approximately $42,000. Finally, Stonebridge Financial Group LLC acquired a new stake in Bitdeer Technologies Group in the fourth quarter valued at approximately $65,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

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.