Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 4% – What’s Next?

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

Analyst Upgrades and Downgrades

BTDR has been the topic of a number of research analyst reports. B. Riley dropped their price target on Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. Cantor Fitzgerald restated an “overweight” rating and issued a $13.00 price target on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. Northland Securities increased their price target on Bitdeer Technologies Group from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Tuesday. HC Wainwright upped their price objective on Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Northland Capmk raised Bitdeer Technologies Group to a “strong-buy” rating in a report on Wednesday, October 9th. Ten equities 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 stock presently has a consensus rating of “Buy” and an average price target of $14.80.

Bitdeer Technologies Group Stock Down 5.9 %

The firm has a 50 day moving average of $8.26 and a two-hundred day moving average of $8.09. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -22.38 and a beta of 1.92.

Institutional Trading of Bitdeer Technologies Group

Large investors have recently bought and sold shares of the business. Public Employees Retirement System of Ohio bought a new position in Bitdeer Technologies Group in the third quarter valued at about $66,000. Centiva Capital LP bought a new position in Bitdeer Technologies Group in the third quarter valued at about $91,000. Barclays PLC bought a new position in Bitdeer Technologies Group in the third quarter valued at about $161,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Bitdeer Technologies Group in the third quarter valued at about $169,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Bitdeer Technologies Group in the third quarter valued at about $220,000. 22.25% of the stock is owned by institutional investors and hedge funds.

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.