Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 4% – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price traded down 4% on Tuesday . The stock traded as low as $11.24 and last traded at $11.38. 2,938,108 shares changed hands during trading, an increase of 30% from the average session volume of 2,251,488 shares. The stock had previously closed at $11.85.

Analysts Set New Price Targets

Several analysts recently commented on BTDR shares. Alliance Global Partners began coverage on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. They set a “buy” rating and a $14.00 target price for the company. Benchmark reissued a “buy” rating and set a $16.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday. Northland Securities boosted their price target on shares of Bitdeer Technologies Group from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Tuesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $13.00 target price on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. Finally, Rosenblatt Securities upped their price objective on shares of Bitdeer Technologies Group from $9.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $14.80.

Bitdeer Technologies Group Stock Performance

The company has a 50 day moving average of $8.04 and a 200 day moving average of $8.02. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of -60.42 and a beta of 1.92.

Hedge Funds Weigh In On Bitdeer Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vident Advisory LLC increased its position in Bitdeer Technologies Group by 186.4% during the first quarter. Vident Advisory LLC now owns 868,622 shares of the company’s stock worth $6,098,000 after buying an additional 565,362 shares during the period. Virtu Financial LLC purchased a new position in Bitdeer Technologies Group during the first quarter worth about $431,000. Central Asset Investments & Management Holdings HK Ltd purchased a new position in shares of Bitdeer Technologies Group in the 2nd quarter worth about $272,000. Thomist Capital Management LP acquired a new stake in shares of Bitdeer Technologies Group in the second quarter valued at about $1,156,000. Finally, XTX Topco Ltd acquired a new stake in shares of Bitdeer Technologies Group in the second quarter valued at about $276,000. Hedge funds and other institutional investors 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.