Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 9.8% – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR) traded down 9.8% during trading on Tuesday . The company traded as low as $20.64 and last traded at $21.00. 3,353,556 shares traded hands during trading, a decline of 53% from the average session volume of 7,104,354 shares. The stock had previously closed at $23.28.

Wall Street Analyst Weigh In

BTDR has been the subject of several recent research reports. Roth Mkm lifted their price objective on Bitdeer Technologies Group from $15.00 to $29.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. 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 target price for the company. HC Wainwright boosted their target price on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Northland Securities raised their price target on Bitdeer Technologies Group from $14.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $14.00 price target on shares of Bitdeer Technologies Group in a research 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $19.80.

Bitdeer Technologies Group Stock Performance

The stock has a market capitalization of $2.28 billion, a P/E ratio of -39.19 and a beta of 2.09. The firm has a 50-day moving average price of $15.81 and a 200 day moving average price of $10.92.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio purchased a new position in Bitdeer Technologies Group during the 3rd quarter valued at about $66,000. Centiva Capital LP purchased a new stake in shares of Bitdeer Technologies Group in the 3rd quarter worth about $91,000. Barclays PLC purchased a new stake in shares of Bitdeer Technologies Group in the 3rd quarter worth about $161,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Bitdeer Technologies Group during the 3rd quarter valued at about $169,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Bitdeer Technologies Group during the third quarter valued at about $220,000. Hedge funds and other institutional investors 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.