Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 3.6% – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price traded down 3.6% during mid-day trading on Thursday . The stock traded as low as $20.02 and last traded at $20.08. 634,055 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 7,622,013 shares. The stock had previously closed at $20.84.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BTDR. Benchmark raised their price target on shares of Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Needham & Company LLC raised their target price on Bitdeer Technologies Group from $14.00 to $22.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Alliance Global Partners began coverage on Bitdeer Technologies Group in a research report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 price target on the stock. Northland Securities increased their price objective on Bitdeer Technologies Group from $20.00 to $24.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 target price on shares of Bitdeer Technologies Group in a report on Monday, January 13th. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $21.00.

Bitdeer Technologies Group Stock Performance

The firm has a market cap of $2.34 billion, a price-to-earnings ratio of -40.19 and a beta of 2.09. The company’s 50-day moving average is $17.80 and its 200-day moving average is $11.51.

Hedge Funds Weigh In On Bitdeer Technologies Group

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

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.