Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 5.6% - Here's What Happened

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) shares traded down 5.6% on Tuesday . The company traded as low as $12.79 and last traded at $12.75. 1,462,768 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 5,205,601 shares. The stock had previously closed at $13.51.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BTDR. Cantor Fitzgerald raised their price target on shares of Bitdeer Technologies Group from $21.00 to $23.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. B. Riley cut their target price on Bitdeer Technologies Group from $18.00 to $17.00 and set a "buy" rating on the stock in a research report on Thursday, July 10th. Rosenblatt Securities reiterated a "buy" rating and set a $20.00 price target on shares of Bitdeer Technologies Group in a report on Monday, June 16th. Needham & Company LLC raised 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. Finally, 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. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $21.00.

Bitdeer Technologies Group Trading Down 1.8%

The stock's fifty day moving average is $13.27 and its two-hundred day moving average is $13.33. The company has a market capitalization of $1.51 billion, a PE ratio of -3.30 and a beta of 2.22.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Stonebridge Financial Group LLC raised its holdings in shares of Bitdeer Technologies Group by 33.3% in the 1st 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 during the period. Quarry LP purchased a new stake in Bitdeer Technologies Group in the fourth quarter worth $42,000. Caitong International Asset Management Co. Ltd purchased a new stake in Bitdeer Technologies Group in the first quarter worth $55,000. Wells Fargo & Company MN raised its stake 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 valued at $93,000 after buying an additional 1,540 shares during the period. Finally, Quantbot Technologies LP purchased a new position in shares of Bitdeer Technologies Group during the 4th quarter valued at $116,000. 22.25% of the stock is currently 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.