Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down After Analyst Downgrade

Bitdeer Technologies Group (NASDAQ:BTDR) gapped down prior to trading on Thursday after Needham & Company LLC lowered their price target on the stock from $18.00 to $15.00. The stock had previously closed at $10.57, but opened at $10.12. Needham & Company LLC currently has a buy rating on the stock. Bitdeer Technologies Group shares last traded at $10.36, with a volume of 497,402 shares changing hands.

A number of other analysts have also weighed in on BTDR. Rosenblatt Securities cut their price objective on Bitdeer Technologies Group from $30.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday. Northland Securities increased their price target on Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Keefe, Bruyette & Woods assumed coverage on Bitdeer Technologies Group in a research report on Monday, January 27th. They set an “outperform” rating and a $26.50 price objective for the company. Roth Mkm restated a “buy” rating and set a $23.50 target price (down from $29.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. Finally, B. Riley lifted their price target on shares of Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $21.00.

Institutional Trading of Bitdeer Technologies Group

Hedge funds have recently added to or reduced their stakes in the stock. Yong Rong HK Asset Management Ltd purchased a new stake in shares of Bitdeer Technologies Group during the fourth quarter worth approximately $65,010,000. Trivest Advisors Ltd acquired a new position in Bitdeer Technologies Group in the 4th quarter valued at $48,481,000. Van ECK Associates Corp purchased a new position in Bitdeer Technologies Group during the 4th quarter worth $29,125,000. Renaissance Technologies LLC lifted its stake in shares of Bitdeer Technologies Group by 3,558.6% in the 4th quarter. Renaissance Technologies LLC now owns 1,240,261 shares of the company’s stock worth $26,876,000 after acquiring an additional 1,206,361 shares during the period. Finally, Voloridge Investment Management LLC purchased a new stake in shares of Bitdeer Technologies Group in the fourth quarter valued at about $16,834,000. 22.25% of the stock is owned by institutional investors and hedge funds.

Bitdeer Technologies Group Stock Down 1.7 %

The firm has a market cap of $1.16 billion, a PE ratio of -20.00 and a beta of 2.12. The company’s fifty day moving average price is $15.22 and its two-hundred day moving average price is $13.19.

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.