Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 10.8% – What’s Next?

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price dropped 10.8% on Tuesday . The company traded as low as $20.55 and last traded at $20.65. Approximately 8,434,048 shares changed hands during trading, an increase of 189% from the average daily volume of 2,920,510 shares. The stock had previously closed at $23.14.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BTDR. B. Riley lowered their target price on shares of Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, October 11th. HC Wainwright raised their price target on Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Northland Capmk upgraded shares of Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Benchmark upped their price target on shares of Bitdeer Technologies Group from $16.00 to $29.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Rosenblatt Securities lifted their price objective on shares of Bitdeer Technologies Group from $17.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $18.60.

Bitdeer Technologies Group Trading Down 6.7 %

The stock has a market capitalization of $2.42 billion, a PE ratio of -38.62 and a beta of 2.27. The firm has a 50 day moving average price of $11.51 and a 200 day moving average price of $9.43.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Central Asset Investments & Management Holdings HK Ltd purchased a new stake in shares of Bitdeer Technologies Group during the second quarter worth about $272,000. Thomist Capital Management LP purchased a new position in Bitdeer Technologies Group in the second quarter valued at $1,156,000. XTX Topco Ltd acquired a new stake in shares of Bitdeer Technologies Group during the second quarter worth about $276,000. Symmetry Investments LP acquired a new stake in Bitdeer Technologies Group during the 2nd quarter worth $432,000. Finally, D1 Capital Partners L.P. acquired a new stake in shares of Bitdeer Technologies Group in the 2nd quarter worth $5,386,000. 22.25% of the stock is currently owned by institutional investors.

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.