Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 4.8% - Time to Sell?

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s stock price traded down 4.8% during trading on Friday . The stock traded as low as $14.14 and last traded at $14.35. 1,363,241 shares were traded during mid-day trading, a decline of 72% from the average session volume of 4,876,517 shares. The stock had previously closed at $15.08.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Wall Street Zen raised shares of Bitdeer Technologies Group from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Roth Mkm restated a "buy" rating and issued a $23.50 target price (down from $29.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. Needham & Company LLC raised their price target on Bitdeer Technologies Group from $13.00 to $17.00 and gave the company a "buy" rating in a report on Friday, May 16th. Rosenblatt Securities boosted their price objective on Bitdeer Technologies Group from $12.00 to $15.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $21.00 target price (down from $22.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Bitdeer Technologies Group has a consensus rating of "Buy" and a consensus target price of $19.60.

Bitdeer Technologies Group Stock Down 4.7%

The stock has a market cap of $1.60 billion, a PE ratio of -27.50 and a beta of 2.24. The company has a fifty day moving average price of $10.69 and a 200 day moving average price of $14.30.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of BTDR. FengHe Fund Management Pte. Ltd. purchased a new stake in Bitdeer Technologies Group in the fourth quarter worth approximately $10,378,000. Renaissance Technologies LLC raised its stake in Bitdeer Technologies Group by 3,558.6% during the fourth quarter. Renaissance Technologies LLC now owns 1,240,261 shares of the company's stock valued at $26,876,000 after purchasing an additional 1,206,361 shares in the last quarter. Yong Rong HK Asset Management Ltd purchased a new position in Bitdeer Technologies Group in the fourth quarter worth about $65,010,000. JPMorgan Chase & Co. bought a new position in Bitdeer Technologies Group during the fourth quarter valued at $8,833,000. Finally, Vident Advisory LLC lifted its stake in Bitdeer Technologies Group by 29.7% in the fourth quarter. Vident Advisory LLC now owns 1,139,619 shares of the company's stock worth $24,696,000 after purchasing an additional 260,649 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.