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

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 research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Bitdeer Technologies Group from a "sell" rating to a "hold" rating in a research report on Thursday. Needham & Company LLC boosted their target price on shares of Bitdeer Technologies Group from $13.00 to $17.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. Keefe, Bruyette & Woods initiated coverage on shares of Bitdeer Technologies Group in a research note on Monday, January 27th. They set an "outperform" rating and a $26.50 price target on the stock. Roth Mkm reissued a "buy" rating and set a $23.50 price target (down from $29.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. Finally, Rosenblatt Securities increased 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 note on Monday, May 12th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $20.20.

Bitdeer Technologies Group Stock Performance

The company has a 50-day moving average price of $10.51 and a 200-day moving average price of $14.26. The firm has a market capitalization of $1.62 billion, a P/E ratio of -27.81 and a beta of 2.24.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Stonebridge Financial Group LLC boosted its position in shares of Bitdeer Technologies Group by 33.3% during the first quarter. Stonebridge Financial Group LLC now owns 4,000 shares of the company's stock worth $35,000 after purchasing an additional 1,000 shares in the last quarter. Quarry LP acquired a new stake in Bitdeer Technologies Group during the 4th quarter worth $42,000. Caitong International Asset Management Co. Ltd acquired a new stake in Bitdeer Technologies Group during the 1st quarter worth $55,000. SBI Securities Co. Ltd. acquired a new stake in Bitdeer Technologies Group during the 4th quarter worth $79,000. Finally, Wells Fargo & Company MN increased its holdings in shares of Bitdeer Technologies Group by 56.4% in the fourth quarter. Wells Fargo & Company MN now owns 4,270 shares of the company's stock worth $93,000 after acquiring an additional 1,540 shares in the last quarter. Institutional investors and hedge funds 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.