Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down Following Analyst Downgrade

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price gapped down prior to trading on Thursday after Rosenblatt Securities lowered their price target on the stock from $25.00 to $12.00. The stock had previously closed at $8.83, but opened at $8.25. Rosenblatt Securities currently has a buy rating on the stock. Bitdeer Technologies Group shares last traded at $7.71, with a volume of 1,383,479 shares changing hands.

BTDR has been the topic of a number of other research reports. Needham & Company LLC reduced their price target on Bitdeer Technologies Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, March 19th. B. Riley increased their target price on Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Roth Mkm restated a “buy” rating and issued a $23.50 price target (down previously from $29.00) on shares of Bitdeer Technologies Group in a report on Wednesday, February 26th. HC Wainwright reaffirmed a “buy” rating and set a $21.00 price objective (down previously from $22.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. Finally, Northland Securities raised their target price on shares of Bitdeer Technologies Group from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $19.70.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its stake in shares of Bitdeer Technologies Group by 281.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 246,834 shares of the company’s stock valued at $1,933,000 after acquiring an additional 182,110 shares during the period. FengHe Fund Management Pte. Ltd. purchased a new position in Bitdeer Technologies Group in the fourth quarter valued at about $10,378,000. Barclays PLC purchased a new position in Bitdeer Technologies Group in the third quarter valued at about $161,000. Geode Capital Management LLC lifted its stake in shares of Bitdeer Technologies Group by 14.6% during the third quarter. Geode Capital Management LLC now owns 368,564 shares of the company’s stock worth $2,886,000 after purchasing an additional 46,968 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Bitdeer Technologies Group in the third quarter worth about $220,000. 22.25% of the stock is owned by institutional investors and hedge funds.

Bitdeer Technologies Group Stock Down 13.9 %

The firm has a market cap of $850.94 million, a price-to-earnings ratio of -14.62 and a beta of 2.25. The business has a 50 day moving average price of $11.62 and a 200-day moving average price of $13.46.

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.