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 Wednesday . The stock had previously closed at $15.59, but opened at $15.03. Bitdeer Technologies Group shares last traded at $15.46, with a volume of 672,665 shares changing hands.

Wall Street Analyst Weigh In

Several analysts recently weighed in on BTDR shares. Roth Mkm reiterated a "buy" rating and issued a $23.50 target price (down previously from $29.00) on shares of Bitdeer Technologies Group in a report on Wednesday, February 26th. Needham & Company LLC raised their price target on shares of 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 reissued a "buy" rating and issued a $24.00 price target on shares of Bitdeer Technologies Group in a research report on Monday, May 12th. Rosenblatt Securities raised their price target on shares of Bitdeer Technologies Group from $12.00 to $15.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Finally, Keefe, Bruyette & Woods began coverage on shares of Bitdeer Technologies Group in a research report on Monday, January 27th. They issued an "outperform" rating and a $26.50 price target for the company. 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $20.20.

Bitdeer Technologies Group Stock Performance

The firm has a market capitalization of $1.62 billion, a PE ratio of -27.81 and a beta of 2.24. The company's 50-day moving average price is $10.51 and its 200-day moving average price is $14.22.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several institutional investors have recently modified their holdings of BTDR. Yong Rong HK Asset Management Ltd purchased a new stake in Bitdeer Technologies Group in the fourth quarter valued at $65,010,000. Trivest Advisors Ltd purchased a new stake in Bitdeer Technologies Group in the fourth quarter valued at $48,481,000. Van ECK Associates Corp purchased a new stake in Bitdeer Technologies Group in the fourth quarter valued at $29,125,000. FengHe Fund Management Pte. Ltd. lifted its position 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 acquiring an additional 853,300 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position 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 acquiring an additional 1,206,361 shares during the last quarter. 22.25% of the stock is owned by hedge funds and other 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.