Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down – Time to Sell?

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) gapped down before the market opened on Monday . The stock had previously closed at $11.09, but opened at $10.75. Bitdeer Technologies Group shares last traded at $9.91, with a volume of 3,258,912 shares traded.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Alliance Global Partners assumed coverage on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. They set a “buy” rating and a $14.00 price target for the company. Needham & Company LLC restated a “buy” rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday. Benchmark reaffirmed a “buy” rating and set a $16.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday. Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Finally, HC Wainwright increased their price objective on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Bitdeer Technologies Group presently has an average rating of “Buy” and a consensus target price of $14.80.

Bitdeer Technologies Group Price Performance

The stock’s 50 day moving average is $8.15 and its two-hundred day moving average is $8.07. The stock has a market capitalization of $1.29 billion, a PE ratio of -22.19 and a beta of 1.92.

Hedge Funds Weigh In On Bitdeer Technologies Group

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