Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 7% – What’s Next?

Bitdeer Technologies Group (NASDAQ:BTDR) fell 7% during mid-day trading on Tuesday . The company traded as low as $16.02 and last traded at $16.20. 2,912,180 shares were traded during trading, a decline of 58% from the average session volume of 6,928,404 shares. The stock had previously closed at $17.41.

Analyst Ratings Changes

A number of research firms have weighed in on BTDR. Needham & Company LLC increased their target price on Bitdeer Technologies Group from $14.00 to $22.00 and gave the company a “buy” rating in a report on Monday, January 13th. Northland Securities raised their target price on Bitdeer Technologies Group from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Rosenblatt Securities boosted their price target on Bitdeer Technologies Group from $22.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. HC Wainwright raised their price objective on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, Roth Mkm boosted their price objective on Bitdeer Technologies Group from $15.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Eleven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $22.23.

Bitdeer Technologies Group Stock Down 8.0 %

The company’s 50 day moving average is $19.84 and its two-hundred day moving average is $12.33. The company has a market capitalization of $1.79 billion, a PE ratio of -30.78 and a beta of 2.04.

Hedge Funds Weigh In On Bitdeer Technologies Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Yong Rong HK Asset Management Ltd bought a new position in shares of Bitdeer Technologies Group in the 4th quarter valued at about $65,010,000. Trivest Advisors Ltd purchased a new stake in Bitdeer Technologies Group during the fourth quarter valued at approximately $48,481,000. Van ECK Associates Corp bought a new stake in shares of Bitdeer Technologies Group in the 4th quarter valued at approximately $29,125,000. Mirabella Financial Services LLP bought a new position in shares of Bitdeer Technologies Group during the 3rd quarter valued at approximately $5,872,000. Finally, FengHe Fund Management Pte. Ltd. purchased a new stake in Bitdeer Technologies Group during the 4th quarter valued at $10,378,000. 22.25% of the stock is owned by hedge funds and other 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.