Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 4.8% - Time to Sell?

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) traded down 4.8% during trading on Friday . The company traded as low as $13.42 and last traded at $13.63. 2,056,451 shares changed hands during trading, a decline of 58% from the average session volume of 4,933,479 shares. The stock had previously closed at $14.31.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Rosenblatt Securities lifted their price target on Bitdeer Technologies Group from $12.00 to $15.00 and gave the company a "buy" rating in a research note on Monday, May 12th. HC Wainwright reissued a "buy" rating and set a $21.00 price target (down from $22.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. Benchmark reissued a "buy" rating and set a $24.00 price target on shares of Bitdeer Technologies Group in a research note on Monday, May 12th. B. Riley lifted their price target on Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, Wall Street Zen raised Bitdeer Technologies Group from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Bitdeer Technologies Group presently has a consensus rating of "Buy" and a consensus price target of $19.60.

Bitdeer Technologies Group Stock Down 9.9%

The stock has a 50 day moving average of $10.87 and a 200 day moving average of $14.38. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of -24.81 and a beta of 2.24.

Hedge Funds Weigh In On Bitdeer Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Yong Rong HK Asset Management Ltd acquired a new position in Bitdeer Technologies Group in the fourth quarter valued at approximately $65,010,000. Trivest Advisors Ltd acquired a new position in Bitdeer Technologies Group in the fourth quarter valued at approximately $48,481,000. Van ECK Associates Corp acquired a new position in Bitdeer Technologies Group in the fourth quarter valued at approximately $29,125,000. FengHe Fund Management Pte. Ltd. lifted its stake in Bitdeer Technologies Group by 178.2% in the first quarter. FengHe Fund Management Pte. Ltd. now owns 1,332,200 shares of the company's stock valued at $11,763,000 after buying an additional 853,300 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in Bitdeer Technologies Group by 3,558.6% in the fourth quarter. Renaissance Technologies LLC now owns 1,240,261 shares of the company's stock valued at $26,876,000 after buying an additional 1,206,361 shares during the period. 22.25% of the stock is owned by institutional investors and hedge funds.

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.