Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 7.6% – What’s Next?

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) dropped 7.6% on Thursday . The company traded as low as $9.94 and last traded at $9.90. Approximately 1,424,884 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 4,062,971 shares. The stock had previously closed at $10.71.

Analysts Set New Price Targets

A number of research firms recently issued reports on BTDR. Keefe, Bruyette & Woods began coverage on shares of Bitdeer Technologies Group in a research note on Monday, January 27th. They set an “outperform” rating and a $26.50 price target on the stock. Northland Securities increased their price target on shares of Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Needham & Company LLC reduced their price objective on Bitdeer Technologies Group from $22.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Benchmark lowered their price objective on Bitdeer Technologies Group from $29.00 to $24.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Finally, B. Riley boosted their target price on Bitdeer Technologies Group from $15.00 to $24.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Ten equities research 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, the stock has an average rating of “Buy” and an average price target of $21.80.

Bitdeer Technologies Group Trading Up 5.8 %

The company has a 50-day simple moving average of $15.84 and a 200 day simple moving average of $13.07. The company has a market cap of $1.16 billion, a P/E ratio of -19.90 and a beta of 2.12.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Quarry LP purchased a new stake in Bitdeer Technologies Group in the 4th quarter valued at about $42,000. Stonebridge Financial Group LLC acquired a new position in shares of Bitdeer Technologies Group during the fourth quarter worth $65,000. SBI Securities Co. Ltd. acquired a new stake in shares of Bitdeer Technologies Group in the 4th quarter worth $79,000. Wells Fargo & Company MN increased its position in Bitdeer Technologies Group by 56.4% during the 4th quarter. Wells Fargo & Company MN now owns 4,270 shares of the company’s stock valued at $93,000 after buying an additional 1,540 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new stake in Bitdeer Technologies Group in the fourth quarter valued at about $116,000. 22.25% of the stock is currently owned by institutional investors.

About Bitdeer Technologies Group

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.