Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 3.6% – Time to Sell?

Bitdeer Technologies Group (NASDAQ:BTDR) shares were down 3.6% during trading on Tuesday . The company traded as low as $11.30 and last traded at $11.23. Approximately 470,380 shares traded hands during trading, a decline of 89% from the average daily volume of 4,127,947 shares. The stock had previously closed at $11.65.

Analysts Set New Price Targets

BTDR has been the topic of several research analyst reports. Keefe, Bruyette & Woods initiated coverage on shares of Bitdeer Technologies Group in a report on Monday, January 27th. They issued an “outperform” rating and a $26.50 price target on the stock. Northland Securities upped their target price on Bitdeer Technologies Group from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Roth Mkm reaffirmed a “buy” rating and issued a $23.50 price target (down previously from $29.00) on shares of Bitdeer Technologies Group in a report on Wednesday, February 26th. Rosenblatt Securities cut their price objective on Bitdeer Technologies Group from $30.00 to $25.00 and set a “buy” rating for the company in a report on Monday, March 17th. Finally, B. Riley upped their price objective 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. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $21.00.

Bitdeer Technologies Group Trading Down 4.8 %

The company has a market cap of $1.24 billion, a P/E ratio of -21.33 and a beta of 2.12. The company’s fifty day moving average is $14.77 and its 200 day moving average is $13.33.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Bitdeer Technologies Group during the 4th quarter worth approximately $566,000. Public Employees Retirement System of Ohio grew its holdings in shares of Bitdeer Technologies Group by 14.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 9,600 shares of the company’s stock worth $208,000 after purchasing an additional 1,200 shares during the last quarter. Two Seas Capital LP purchased a new position in shares of Bitdeer Technologies Group in the fourth quarter worth $9,384,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Bitdeer Technologies Group by 118.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 61,254 shares of the company’s stock valued at $1,327,000 after buying an additional 33,182 shares during the last quarter. Finally, Voloridge Investment Management LLC bought a new stake in Bitdeer Technologies Group in the 4th quarter worth $16,834,000. Hedge funds and other 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.