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

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) gapped down before the market opened 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 traded.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Rosenblatt Securities reissued a "buy" rating and set a $20.00 price target on shares of Bitdeer Technologies Group in a research note on Monday, June 16th. Wall Street Zen upgraded Bitdeer Technologies Group from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Benchmark reiterated a "buy" rating and issued a $24.00 price target on shares of Bitdeer Technologies Group in a research report on Monday, May 12th. B. Riley increased their price objective on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Finally, Needham & Company LLC boosted their price objective on shares of Bitdeer Technologies Group from $13.00 to $17.00 and gave the stock a "buy" rating in a report on Friday, May 16th. One 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 stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $20.10.

Bitdeer Technologies Group Price Performance

The firm has a 50 day simple moving average of $12.95 and a two-hundred day simple moving average of $13.73. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of -3.15 and a beta of 2.22.

Institutional Investors Weigh In On Bitdeer Technologies Group

Institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Bitdeer Technologies Group by 3.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,358 shares of the company's stock worth $636,000 after acquiring an additional 916 shares during the last quarter. Stonebridge Financial Group LLC grew its stake 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 worth $35,000 after acquiring an additional 1,000 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Bitdeer Technologies Group by 14.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 9,600 shares of the company's stock valued at $208,000 after acquiring an additional 1,200 shares during the period. Wells Fargo & Company MN grew its position 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, Quarry LP bought a new stake in shares of Bitdeer Technologies Group during the 4th quarter worth approximately $42,000. Hedge funds and other institutional investors own 22.25% of the company's stock.

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.