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

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $13.84, but opened at $13.40. Bitdeer Technologies Group shares last traded at $14.75, with a volume of 1,719,093 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BTDR. Rosenblatt Securities upped their price objective on Bitdeer Technologies Group from $9.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Alliance Global Partners began coverage on Bitdeer Technologies Group in a research report on Tuesday, October 8th. They set a “buy” rating and a $14.00 price target on the stock. Benchmark reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday, November 19th. Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, October 9th. Finally, HC Wainwright lifted their price target on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bitdeer Technologies Group presently has a consensus rating of “Buy” and a consensus price target of $14.80.

Bitdeer Technologies Group Stock Up 8.5 %

The firm’s 50 day simple moving average is $8.99 and its 200 day simple moving average is $8.43. The company has a market cap of $1.68 billion, a price-to-earnings ratio of -28.36 and a beta of 2.26.

Institutional Trading of Bitdeer Technologies Group

Hedge funds have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC bought a new position in shares of Bitdeer Technologies Group in the third quarter worth $275,000. Barclays PLC bought a new position in Bitdeer Technologies Group in the 3rd quarter valued at about $161,000. Geode Capital Management LLC increased its stake in Bitdeer Technologies Group by 14.6% during the 3rd quarter. Geode Capital Management LLC now owns 368,564 shares of the company’s stock valued at $2,886,000 after buying an additional 46,968 shares during the period. Public Employees Retirement System of Ohio bought a new stake in shares of Bitdeer Technologies Group during the 3rd quarter worth about $66,000. Finally, Y Intercept Hong Kong Ltd raised its position in shares of Bitdeer Technologies Group by 96.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 44,328 shares of the company’s stock worth $347,000 after buying an additional 21,798 shares in the last quarter. Institutional investors 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.