Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 5.2% – What’s Next?

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) dropped 5.2% on Tuesday . The stock traded as low as $15.76 and last traded at $15.64. Approximately 1,636,587 shares traded hands during trading, a decline of 75% from the average daily volume of 6,529,557 shares. The stock had previously closed at $16.50.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on BTDR shares. Rosenblatt Securities upped their target price on shares of Bitdeer Technologies Group from $22.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Benchmark increased their target price on Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Keefe, Bruyette & Woods initiated coverage on Bitdeer Technologies Group in a report on Monday, January 27th. They issued an “outperform” rating and a $26.50 price target for the company. 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, B. Riley boosted their target price on shares of Bitdeer Technologies Group from $15.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Eleven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $22.23.

Bitdeer Technologies Group Stock Up 0.4 %

The firm has a market cap of $1.68 billion, a price-to-earnings ratio of -28.81 and a beta of 2.04. The company has a 50-day moving average price of $19.51 and a 200 day moving average price of $12.65.

Hedge Funds Weigh In On Bitdeer Technologies Group

Large investors have recently made changes to their positions in the business. Yong Rong HK Asset Management Ltd acquired a new stake in shares of Bitdeer Technologies Group during the fourth quarter worth approximately $65,010,000. Trivest Advisors Ltd acquired a new stake in shares of Bitdeer Technologies Group during the 4th quarter valued at $48,481,000. Van ECK Associates Corp purchased a new position in shares of Bitdeer Technologies Group during the 4th quarter valued at $29,125,000. Renaissance Technologies LLC increased its stake in shares of Bitdeer Technologies Group by 3,558.6% in the fourth quarter. Renaissance Technologies LLC now owns 1,240,261 shares of the company’s stock worth $26,876,000 after acquiring an additional 1,206,361 shares during the last quarter. Finally, Voloridge Investment Management LLC acquired a new position in shares of Bitdeer Technologies Group in the fourth quarter worth $16,834,000. 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.