Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 5% - Time to Sell?

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) fell 5% on Tuesday . The stock traded as low as $12.90 and last traded at $12.88. 85,801 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 5,012,129 shares. The stock had previously closed at $13.56.

Analysts Set New Price Targets

A number of analysts have recently weighed in on BTDR shares. Rosenblatt Securities reissued a "buy" rating and set a $20.00 price objective on shares of Bitdeer Technologies Group in a research note on Monday. HC Wainwright reiterated a "buy" rating and issued a $21.00 price objective (down previously from $22.00) on shares of Bitdeer Technologies Group in a report on Wednesday, February 26th. B. Riley boosted their target price on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Wall Street Zen raised shares of Bitdeer Technologies Group from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Benchmark reiterated a "buy" rating and issued a $24.00 price target on shares of Bitdeer Technologies Group in a research note on Monday, May 12th. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $20.10.

Bitdeer Technologies Group Price Performance

The firm has a fifty day moving average of $11.89 and a two-hundred day moving average of $14.50. The stock has a market capitalization of $1.42 billion, a P/E ratio of -24.54 and a beta of 2.32.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of large investors have recently made changes to their positions in the business. FengHe Fund Management Pte. Ltd. purchased a new stake in Bitdeer Technologies Group during the 4th quarter worth approximately $10,378,000. Yong Rong HK Asset Management Ltd purchased a new stake in Bitdeer Technologies Group during the 4th quarter valued at about $65,010,000. Valliance Asset Management Ltd acquired a new position in shares of Bitdeer Technologies Group in the fourth quarter valued at about $217,000. Central Asset Investments & Management Holdings HK Ltd acquired a new position in shares of Bitdeer Technologies Group in the fourth quarter valued at about $1,361,000. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Bitdeer Technologies Group in the fourth quarter worth about $79,000. 22.25% of the stock is owned by institutional investors and hedge funds.

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.

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