Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR) gapped down before the market opened on Thursday . The stock had previously closed at $11.68, but opened at $10.97. Bitdeer Technologies Group shares last traded at $11.32, with a volume of 712,982 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have commented on BTDR shares. B. Riley upped their price target 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. Northland Securities increased their target price on shares of Bitdeer Technologies Group from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Needham & Company LLC decreased their target price on shares of Bitdeer Technologies Group from $22.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. HC Wainwright reiterated a “buy” rating and issued a $21.00 price target (down from $22.00) on shares of Bitdeer Technologies Group in a research report on Wednesday, February 26th. Finally, Benchmark decreased their price objective on shares of Bitdeer Technologies Group from $29.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Eleven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $21.18.

Bitdeer Technologies Group Stock Performance

The firm has a market cap of $1.23 billion, a P/E ratio of -21.15 and a beta of 2.12. The firm’s fifty day simple moving average is $17.10 and its 200 day simple moving average is $12.96.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several institutional investors have recently added to or reduced their stakes in the company. Quarry LP bought a new position in shares of Bitdeer Technologies Group during the 4th quarter valued at approximately $42,000. Stonebridge Financial Group LLC purchased a new position in shares of Bitdeer Technologies Group in the 4th quarter worth $65,000. Public Employees Retirement System of Ohio bought a new stake in shares of Bitdeer Technologies Group in the 3rd quarter worth about $66,000. SBI Securities Co. Ltd. purchased a new stake in shares of Bitdeer Technologies Group during the 4th quarter valued at about $79,000. Finally, Centiva Capital LP purchased a new stake in shares of Bitdeer Technologies Group during the 3rd quarter valued at about $91,000. 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.