Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 6.7% – What’s Next?

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price fell 6.7% during mid-day trading on Tuesday . The company traded as low as $11.20 and last traded at $11.51. 904,736 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 2,371,940 shares. The stock had previously closed at $12.33.

Analyst Ratings Changes

Several equities analysts have weighed in on BTDR shares. Cantor Fitzgerald restated an “overweight” rating and set a $13.00 target price on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. Northland Capmk raised Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, October 9th. B. Riley decreased their target price on Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Needham & Company LLC reissued a “buy” rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a research report on Tuesday, November 19th. Finally, Roth Mkm upped their price objective on shares of Bitdeer Technologies Group from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $14.80.

Bitdeer Technologies Group Price Performance

The firm has a market cap of $1.37 billion, a P/E ratio of -23.52 and a beta of 1.92. The company’s 50 day moving average is $8.74 and its two-hundred day moving average is $8.30.

Institutional Trading of Bitdeer Technologies Group

Several institutional investors have recently modified their holdings of the company. Mirabella Financial Services LLP bought a new position in Bitdeer Technologies Group in the third quarter worth $5,872,000. D1 Capital Partners L.P. acquired a new stake in shares of Bitdeer Technologies Group during the 2nd quarter valued at about $5,386,000. Marshall Wace LLP bought a new stake in Bitdeer Technologies Group in the second quarter valued at about $5,074,000. Point72 Asset Management L.P. acquired a new position in Bitdeer Technologies Group in the second quarter worth about $4,617,000. Finally, Point72 Hong Kong Ltd acquired a new stake in Bitdeer Technologies Group during the second quarter valued at approximately $4,510,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

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.