Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 5% - Here's Why

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) fell 5% on Monday . The company traded as low as $9.91 and last traded at $10.00. 668,259 shares were traded during trading, a decline of 89% from the average session volume of 6,070,426 shares. The stock had previously closed at $10.53.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BTDR. Roth Mkm reissued a "buy" rating and issued a $23.50 price target (down from $29.00) on shares of Bitdeer Technologies Group in a research report on Wednesday, February 26th. Keefe, Bruyette & Woods assumed coverage on shares of Bitdeer Technologies Group in a research note on Monday, January 27th. They issued an "outperform" rating and a $26.50 target price on the stock. Rosenblatt Securities decreased their price objective on shares of Bitdeer Technologies Group from $25.00 to $12.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Northland Securities increased their target price on Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an "outperform" rating in a research note on Friday, January 10th. Finally, HC Wainwright restated a "buy" rating and issued a $21.00 price target (down previously from $22.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $19.50.

Bitdeer Technologies Group Stock Performance

The business's 50-day moving average price is $9.60 and its 200-day moving average price is $13.60. The stock has a market cap of $1.23 billion, a P/E ratio of -21.10 and a beta of 2.25.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Yong Rong HK Asset Management Ltd bought a new stake in Bitdeer Technologies Group during the 4th quarter worth approximately $65,010,000. Trivest Advisors Ltd purchased a new position in shares of Bitdeer Technologies Group during the 4th quarter valued at $48,481,000. Van ECK Associates Corp bought a new position in Bitdeer Technologies Group in the 4th quarter worth $29,125,000. Renaissance Technologies LLC increased its stake in Bitdeer Technologies Group by 3,558.6% in the 4th quarter. Renaissance Technologies LLC now owns 1,240,261 shares of the company's stock worth $26,876,000 after buying an additional 1,206,361 shares in the last quarter. Finally, Vident Advisory LLC increased its stake in Bitdeer Technologies Group by 29.7% in the 4th quarter. Vident Advisory LLC now owns 1,139,619 shares of the company's stock worth $24,696,000 after buying an additional 260,649 shares in the last quarter. Institutional investors 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.