Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 4.3% – Here’s Why

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) traded down 4.3% during mid-day trading on Wednesday . The stock traded as low as $20.86 and last traded at $20.78. 1,477,419 shares were traded during mid-day trading, a decline of 81% from the average session volume of 7,664,382 shares. The stock had previously closed at $21.71.

Analyst Upgrades and Downgrades

BTDR has been the subject of several recent research reports. Needham & Company LLC increased their price objective on Bitdeer Technologies Group from $14.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, January 13th. B. Riley increased their price objective on shares of Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Benchmark raised their price objective on shares of Bitdeer Technologies Group from $16.00 to $29.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Alliance Global Partners assumed coverage on Bitdeer Technologies Group in a research note on Tuesday, October 8th. They issued a “buy” rating and a $14.00 price objective for the company. Finally, Northland Securities increased their price objective on Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Bitdeer Technologies Group currently has an average rating of “Buy” and a consensus price target of $21.00.

Bitdeer Technologies Group Stock Performance

The company’s fifty day simple moving average is $18.21 and its two-hundred day simple moving average is $11.64. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of -37.74 and a beta of 2.09.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of large investors have recently bought and sold shares of BTDR. Mirabella Financial Services LLP bought a new stake in shares of Bitdeer Technologies Group during the 3rd quarter worth about $5,872,000. Marshall Wace LLP acquired a new stake in Bitdeer Technologies Group in the second quarter worth approximately $5,074,000. Point72 Asset Management L.P. bought a new position in Bitdeer Technologies Group during the 2nd quarter valued at $4,617,000. Point72 Hong Kong Ltd bought a new position in Bitdeer Technologies Group during the 2nd quarter valued at $4,510,000. Finally, Millennium Management LLC raised its stake in shares of Bitdeer Technologies Group by 901.0% in the 2nd quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock worth $4,210,000 after buying an additional 369,363 shares in the last quarter. Institutional investors 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.