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

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $10.15, but opened at $9.80. Bitdeer Technologies Group shares last traded at $10.04, with a volume of 359,850 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BTDR shares. Benchmark cut their price target on shares of Bitdeer Technologies Group from $29.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. HC Wainwright reissued a “buy” rating and set a $21.00 target price (down previously from $22.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. Roth Mkm restated a “buy” rating and issued a $23.50 target price (down previously from $29.00) on shares of Bitdeer Technologies Group in a research report on Wednesday, February 26th. Needham & Company LLC lowered their price target on Bitdeer Technologies Group from $18.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, March 19th. Finally, B. Riley boosted their price objective 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. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $21.00.

Bitdeer Technologies Group Stock Performance

The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -19.55 and a beta of 2.12. The firm has a 50-day simple moving average of $14.39 and a two-hundred day simple moving average of $13.35.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several large investors have recently added to or reduced their stakes in the business. Yong Rong HK Asset Management Ltd purchased a new position in Bitdeer Technologies Group in the 4th quarter valued at approximately $65,010,000. Trivest Advisors Ltd purchased a new stake in Bitdeer Technologies Group during the 4th quarter worth about $48,481,000. Van ECK Associates Corp acquired a new stake in Bitdeer Technologies Group in the 4th quarter valued at about $29,125,000. Renaissance Technologies LLC boosted 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 valued at $26,876,000 after buying an additional 1,206,361 shares during the period. Finally, Vident Advisory LLC grew its position in shares of Bitdeer Technologies Group by 29.7% during the fourth quarter. Vident Advisory LLC now owns 1,139,619 shares of the company’s stock worth $24,696,000 after buying an additional 260,649 shares in the last quarter. 22.25% of the stock is owned by hedge funds and other 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.