Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down - What's Next?

Key Points

• Bitdeer Technologies Group (NASDAQ:BTDR) shares dropped from a previous close of $20.45 to open at $18.50, indicating a significant gap down in trading.
• Wall Street analysts are mixed on BTDR; while Weiss Ratings gave a "sell" rating, other firms like Needham & Company and Cantor Fitzgerald issued "buy" ratings with target prices ranging from $17.00 to $23.00.
• Institutional investors have increased their stakes in Bitdeer Technologies Group, with Exchange Traded Concepts LLC boosting its position by 46% in the third quarter, now owning over 500,000 shares.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $20.45, but opened at $18.50. Bitdeer Technologies Group shares last traded at $19.30, with a volume of 2,161,173 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BTDR. Weiss Ratings reiterated a "sell (d-)" rating on shares of Bitdeer Technologies Group in a research note on Wednesday, October 8th. Needham & Company LLC reiterated a "buy" rating and issued a $17.00 target price on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $23.00 target price on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. B. Riley reaffirmed a "buy" rating on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. Finally, HC Wainwright boosted their price objective on shares of Bitdeer Technologies Group from $18.00 to $19.00 and gave the company a "buy" rating in a research note on Monday, August 18th. Twelve research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $24.25.

Bitdeer Technologies Group Trading Down 0.1%

The firm's 50 day moving average is $15.32 and its 200 day moving average is $13.13. The company has a market cap of $4.32 billion, a PE ratio of -4.35 and a beta of 2.25. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.03 and a quick ratio of 0.84.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several hedge funds have recently bought and sold shares of the stock. Exchange Traded Concepts LLC lifted its position in Bitdeer Technologies Group by 46.0% during the third quarter. Exchange Traded Concepts LLC now owns 508,546 shares of the company's stock valued at $8,691,000 after purchasing an additional 160,296 shares during the last quarter. Voya Investment Management LLC lifted its position in Bitdeer Technologies Group by 421.6% during the third quarter. Voya Investment Management LLC now owns 128,331 shares of the company's stock valued at $2,193,000 after purchasing an additional 103,730 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Bitdeer Technologies Group by 7,157.0% during the second quarter. Tower Research Capital LLC TRC now owns 7,257 shares of the company's stock valued at $83,000 after purchasing an additional 7,157 shares during the last quarter. Vident Advisory LLC lifted its position in Bitdeer Technologies Group by 13.2% during the second quarter. Vident Advisory LLC now owns 775,776 shares of the company's stock valued at $8,906,000 after purchasing an additional 90,762 shares during the last quarter. Finally, Boothbay Fund Management LLC bought a new stake in Bitdeer Technologies Group during the second quarter valued at approximately $332,000. 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.

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