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

Bitdeer Technologies Group (NASDAQ:BTDR) traded down 9.8% on Tuesday . The stock traded as low as $20.64 and last traded at $21.00. 3,353,556 shares changed hands during trading, a decline of 53% from the average session volume of 7,104,354 shares. The stock had previously closed at $23.28.

Analyst Upgrades and Downgrades

BTDR has been the subject of a number of research reports. Needham & Company LLC reiterated a “buy” rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday, November 19th. B. Riley boosted 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 note on Thursday, December 19th. Alliance Global Partners started coverage on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 price objective on the stock. Roth Mkm boosted their price target on Bitdeer Technologies Group from $15.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Finally, Northland Capmk upgraded Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Ten equities 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 presently has an average rating of “Buy” and a consensus price target of $19.80.

Bitdeer Technologies Group Stock Performance

The firm has a 50-day moving average of $15.81 and a 200-day moving average of $10.92. The firm has a market capitalization of $2.28 billion, a P/E ratio of -39.19 and a beta of 2.09.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio purchased a new position in Bitdeer Technologies Group in the 3rd quarter worth about $66,000. Centiva Capital LP bought a new stake in shares of Bitdeer Technologies Group in the third quarter worth approximately $91,000. Barclays PLC purchased a new position in shares of Bitdeer Technologies Group during the third quarter valued at approximately $161,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Bitdeer Technologies Group during the third quarter valued at approximately $169,000. Finally, Central Asset Investments & Management Holdings HK Ltd purchased a new stake in Bitdeer Technologies Group in the second quarter worth approximately $272,000. 22.25% of the stock is owned by institutional investors.

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.