Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 5.2% – What’s Next?

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) fell 5.2% during mid-day trading on Tuesday . The company traded as low as $15.76 and last traded at $15.64. 1,636,587 shares were traded during trading, a decline of 75% from the average session volume of 6,529,557 shares. The stock had previously closed at $16.50.

Analysts Set New Price Targets

Several brokerages recently commented on BTDR. Rosenblatt Securities upped their price target on shares of Bitdeer Technologies Group from $22.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. HC Wainwright increased their target price on Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. B. Riley lifted their price target on Bitdeer Technologies Group from $15.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Benchmark increased their price objective 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. Finally, Roth Mkm lifted their target price on Bitdeer Technologies Group from $15.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Eleven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $22.23.

Bitdeer Technologies Group Stock Performance

The company has a 50 day moving average of $19.61 and a 200 day moving average of $12.63. The firm has a market cap of $1.68 billion, a P/E ratio of -28.90 and a beta of 2.04.

Institutional Trading of Bitdeer Technologies Group

Several large investors have recently added to or reduced their stakes in the business. Two Seas Capital LP bought a new position in shares of Bitdeer Technologies Group during the 4th quarter valued at $9,384,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Bitdeer Technologies Group by 118.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 61,254 shares of the company’s stock worth $1,327,000 after purchasing an additional 33,182 shares during the period. Voloridge Investment Management LLC acquired a new position in Bitdeer Technologies Group during the fourth quarter valued at approximately $16,834,000. Vident Advisory LLC raised its position in shares of Bitdeer Technologies Group by 29.7% in the fourth quarter. Vident Advisory LLC now owns 1,139,619 shares of the company’s stock valued at $24,696,000 after purchasing an additional 260,649 shares during the period. Finally, Squarepoint Ops LLC bought a new position in shares of Bitdeer Technologies Group in the fourth quarter valued at approximately $2,771,000. 22.25% of the stock is owned by institutional investors.

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.