Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down - Here's What Happened

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $12.70, but opened at $11.80. Bitdeer Technologies Group shares last traded at $11.40, with a volume of 2,843,362 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Needham & Company LLC lifted their price target on Bitdeer Technologies Group from $13.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, May 16th. Benchmark reaffirmed a "buy" rating and set a $24.00 target price on shares of Bitdeer Technologies Group in a report on Monday, May 12th. B. Riley boosted their price target on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. HC Wainwright restated a "buy" rating and set a $21.00 price objective (down previously from $22.00) on shares of Bitdeer Technologies Group in a research report on Wednesday, February 26th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $20.00 price objective on shares of Bitdeer Technologies Group in a research note on Monday. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $20.10.

Bitdeer Technologies Group Stock Down 7.1%

The stock has a market cap of $1.32 billion, a P/E ratio of -2.89 and a beta of 2.32. The firm's 50-day moving average is $12.02 and its two-hundred day moving average is $14.46.

Hedge Funds Weigh In On Bitdeer Technologies Group

Institutional investors have recently bought and sold shares of the stock. Quarry LP bought a new position in shares of Bitdeer Technologies Group in the 4th quarter valued at approximately $42,000. SBI Securities Co. Ltd. bought a new position in shares of Bitdeer Technologies Group in the fourth quarter valued at approximately $79,000. Stonebridge Financial Group LLC raised its position in shares of Bitdeer Technologies Group by 33.3% in the first quarter. Stonebridge Financial Group LLC now owns 4,000 shares of the company's stock valued at $35,000 after purchasing an additional 1,000 shares during the period. Wells Fargo & Company MN boosted its holdings in shares of Bitdeer Technologies Group by 56.4% during the 4th quarter. Wells Fargo & Company MN now owns 4,270 shares of the company's stock worth $93,000 after buying an additional 1,540 shares during the period. Finally, Quantbot Technologies LP acquired a new position in Bitdeer Technologies Group in the 4th quarter valued at $116,000. 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.