Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 4.1% – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price fell 4.1% during trading on Tuesday . The stock traded as low as $17.05 and last traded at $17.04. 1,628,206 shares changed hands during trading, a decline of 78% from the average session volume of 7,494,901 shares. The stock had previously closed at $17.77.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BTDR. Roth Mkm upped their target price on shares of Bitdeer Technologies Group from $15.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Benchmark boosted their price target on shares of Bitdeer Technologies Group from $16.00 to $29.00 and gave the company a “buy” rating in a report on Monday, December 9th. Alliance Global Partners began coverage on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 price target for the company. B. Riley boosted their price target on shares of Bitdeer Technologies Group from $15.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, HC Wainwright boosted 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. Eleven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $21.50.

Bitdeer Technologies Group Trading Down 5.0 %

The stock’s 50 day moving average is $19.45 and its two-hundred day moving average is $12.11. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of -32.48 and a beta of 2.04.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in BTDR. Valliance Asset Management Ltd bought a new stake in shares of Bitdeer Technologies Group in the 4th quarter valued at about $217,000. Yong Rong HK Asset Management Ltd bought a new stake in shares of Bitdeer Technologies Group in the 4th quarter valued at about $65,010,000. FengHe Fund Management Pte. Ltd. bought a new stake in shares of Bitdeer Technologies Group in the 4th quarter valued at about $10,378,000. Van ECK Associates Corp bought a new stake in shares of Bitdeer Technologies Group in the 4th quarter valued at about $29,125,000. Finally, Stonebridge Financial Group LLC bought a new stake in shares of Bitdeer Technologies Group in the 4th quarter valued at about $65,000. 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.