Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 4.3% – Time to Sell?

Bitdeer Technologies Group (NASDAQ:BTDR) dropped 4.3% during mid-day trading on Wednesday . The company traded as low as $20.86 and last traded at $20.78. Approximately 1,477,419 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 7,664,382 shares. The stock had previously closed at $21.71.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Alliance Global Partners began coverage on Bitdeer Technologies Group in a research report on Tuesday, October 8th. They set a “buy” rating and a $14.00 price target on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $13.00 price target on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. Roth Mkm increased their target price on Bitdeer Technologies Group from $15.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Benchmark upped their price target on shares of Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Finally, Needham & Company LLC lifted their price objective on Bitdeer Technologies Group from $14.00 to $22.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $21.00.

Bitdeer Technologies Group Stock Up 4.6 %

The business’s fifty day moving average price is $18.59 and its 200 day moving average price is $11.76. The firm has a market capitalization of $2.31 billion, a PE ratio of -39.73 and a beta of 2.09.

Institutional Trading of Bitdeer Technologies Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio purchased a new position in shares of Bitdeer Technologies Group during the 3rd quarter worth about $66,000. Centiva Capital LP acquired a new position in Bitdeer Technologies Group during the third quarter worth approximately $91,000. International Assets Investment Management LLC purchased a new position in Bitdeer Technologies Group during the fourth quarter worth approximately $308,000. Barclays PLC acquired a new position in shares of Bitdeer Technologies Group in the 3rd quarter valued at $161,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Bitdeer Technologies Group during the 3rd quarter valued at $169,000. 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.