Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 5% - Here's What Happened

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on BTDR shares. Needham & Company LLC reduced their price objective on shares of Bitdeer Technologies Group from $15.00 to $13.00 and set a "buy" rating for the company in a research report on Monday, April 21st. Rosenblatt Securities dropped 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 research note on Thursday, April 10th. 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. Roth Mkm reaffirmed 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. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Bitdeer Technologies Group in a report on Monday, January 27th. They set an "outperform" rating and a $26.50 target price on the stock. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $19.50.

Bitdeer Technologies Group Trading Down 9.3 %

The stock has a market cap of $1.07 billion, a P/E ratio of -18.33 and a beta of 2.25. The stock has a 50 day simple moving average of $9.89 and a 200 day simple moving average of $13.60.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of institutional investors and hedge funds have recently modified their holdings of BTDR. FengHe Fund Management Pte. Ltd. purchased a new stake in Bitdeer Technologies Group in the 4th quarter valued at $10,378,000. Barclays PLC bought a new position in shares of Bitdeer Technologies Group in the 3rd quarter worth $161,000. Geode Capital Management LLC increased its holdings in shares of Bitdeer Technologies Group by 14.6% in the 3rd quarter. Geode Capital Management LLC now owns 368,564 shares of the company's stock worth $2,886,000 after buying an additional 46,968 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of 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 during the last quarter. Finally, Yong Rong HK Asset Management Ltd bought a new position in shares of Bitdeer Technologies Group during the 4th quarter valued at $65,010,000. 22.25% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.