Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 4.5% – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR) was down 4.5% on Monday . The company traded as low as $19.52 and last traded at $19.57. Approximately 2,810,037 shares traded hands during trading, a decline of 8% from the average daily volume of 3,042,199 shares. The stock had previously closed at $20.49.

Wall Street Analyst Weigh In

BTDR has been the subject of a number of research analyst reports. Alliance Global Partners assumed coverage on shares of Bitdeer Technologies Group in a research note on Tuesday, October 8th. They issued a “buy” rating and a $14.00 price target for the company. Needham & Company LLC restated a “buy” rating and issued a $14.00 target price on shares of Bitdeer Technologies Group in a research report on Tuesday, November 19th. B. Riley increased their price target on Bitdeer Technologies Group from $15.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday. Rosenblatt Securities boosted their price objective on Bitdeer Technologies Group from $17.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Northland Securities upped their price objective on Bitdeer Technologies Group from $14.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Ten equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $19.80.

Bitdeer Technologies Group Stock Down 3.5 %

The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of -38.02 and a beta of 2.27. The business has a 50-day moving average price of $12.53 and a 200-day moving average price of $9.80.

Institutional Trading of Bitdeer Technologies Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio purchased a new position in shares of Bitdeer Technologies Group in the third quarter worth approximately $66,000. Centiva Capital LP acquired a new position in Bitdeer Technologies Group in the 3rd quarter worth approximately $91,000. Barclays PLC purchased a new position in Bitdeer Technologies Group during the 3rd quarter worth approximately $161,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Bitdeer Technologies Group during the 3rd quarter valued at $169,000. Finally, Y Intercept Hong Kong Ltd lifted its holdings in shares of Bitdeer Technologies Group by 96.8% in the third quarter. Y Intercept Hong Kong Ltd now owns 44,328 shares of the company’s stock valued at $347,000 after purchasing an additional 21,798 shares in the last quarter. Institutional investors and hedge funds 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.