Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR) shares gapped down prior to trading on Thursday . The stock had previously closed at $10.15, but opened at $9.80. Bitdeer Technologies Group shares last traded at $10.04, with a volume of 359,850 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Rosenblatt Securities cut their target price on Bitdeer Technologies Group from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Monday, March 17th. Roth Mkm reaffirmed a “buy” rating and issued a $23.50 price objective (down previously from $29.00) on shares of Bitdeer Technologies Group in a research report on Wednesday, February 26th. HC Wainwright reiterated a “buy” rating and set a $21.00 price objective (down previously from $22.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods began coverage on shares of Bitdeer Technologies Group in a research note on Monday, January 27th. They issued an “outperform” rating and a $26.50 target price for the company. Finally, Northland Securities upped their price target on Bitdeer Technologies Group from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bitdeer Technologies Group presently has an average rating of “Buy” and a consensus price target of $21.00.

Bitdeer Technologies Group Stock Performance

The firm has a market cap of $1.02 billion, a PE ratio of -17.58 and a beta of 2.12. The stock has a 50 day simple moving average of $13.92 and a two-hundred day simple moving average of $13.35.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of hedge funds and other institutional investors have recently made changes to their positions in BTDR. Quarry LP acquired a new position in Bitdeer Technologies Group in the 4th quarter worth about $42,000. Stonebridge Financial Group LLC acquired a new position in shares of Bitdeer Technologies Group during the 4th quarter worth approximately $65,000. SBI Securities Co. Ltd. purchased a new position in shares of Bitdeer Technologies Group during the 4th quarter valued at approximately $79,000. Wells Fargo & Company MN grew its stake 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 valued at $93,000 after acquiring an additional 1,540 shares during the period. Finally, Quantbot Technologies LP purchased a new stake in Bitdeer Technologies Group in the 4th quarter worth $116,000. 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.