Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 4.3% – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR) fell 4.3% during trading on Wednesday . The stock traded as low as $20.86 and last traded at $20.78. 1,477,419 shares changed hands during trading, a decline of 81% from the average session volume of 7,664,382 shares. The stock had previously closed at $21.71.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on BTDR shares. Northland Securities upped their price objective on shares of Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Friday, January 10th. HC Wainwright raised their target price on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Needham & Company LLC upped their price target on Bitdeer Technologies Group from $14.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 target price on shares of Bitdeer Technologies Group in a research report on Monday, January 13th. Finally, Benchmark upped their price target on Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $21.00.

Bitdeer Technologies Group Stock Performance

The business has a 50-day simple moving average of $18.59 and a 200-day simple moving average of $11.76. The company has a market cap of $2.31 billion, a price-to-earnings ratio of -39.73 and a beta of 2.09.

Institutional Investors Weigh In On Bitdeer Technologies Group

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

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.