Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down - Should You Sell?

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $13.77, but opened at $13.07. Bitdeer Technologies Group shares last traded at $12.85, with a volume of 1,344,103 shares.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BTDR. Wall Street Zen upgraded shares of Bitdeer Technologies Group from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Needham & Company LLC lifted their price objective on Bitdeer Technologies Group from $13.00 to $17.00 and gave the company a "buy" rating in a research note on Friday, May 16th. B. Riley lowered their target price on shares of Bitdeer Technologies Group from $18.00 to $17.00 and set a "buy" rating on the stock in a research note on Thursday. Rosenblatt Securities reissued a "buy" rating and issued a $20.00 price target on shares of Bitdeer Technologies Group in a research note on Monday, June 16th. Finally, Benchmark restated a "buy" rating and set a $24.00 price objective on shares of Bitdeer Technologies Group in a research report on Monday, May 12th. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $21.00.

Bitdeer Technologies Group Price Performance

The business has a 50-day moving average price of $13.02 and a 200 day moving average price of $13.73.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several institutional investors and hedge funds have recently made changes to their positions in BTDR. Goldman Sachs Group Inc. increased its holdings in Bitdeer Technologies Group by 167.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 483,022 shares of the company's stock worth $4,265,000 after buying an additional 302,548 shares in the last quarter. Scientech Research LLC lifted its position in Bitdeer Technologies Group by 90.3% during the first quarter. Scientech Research LLC now owns 86,584 shares of the company's stock valued at $765,000 after purchasing an additional 41,078 shares during the period. Cubist Systematic Strategies LLC bought a new stake in Bitdeer Technologies Group in the 1st quarter worth approximately $1,168,000. Graham Capital Management L.P. purchased a new stake in Bitdeer Technologies Group during the 1st quarter valued at $551,000. Finally, Harvest Portfolios Group Inc. lifted its holdings in shares of Bitdeer Technologies Group by 118.6% during the 1st quarter. Harvest Portfolios Group Inc. now owns 36,578 shares of the company's stock valued at $323,000 after buying an additional 19,846 shares during the period. 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.