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

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

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Rosenblatt Securities reissued a "buy" rating and set a $20.00 target price on shares of Bitdeer Technologies Group in a research report on Monday. Needham & Company LLC increased their target price on shares of Bitdeer Technologies Group from $13.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, May 16th. B. Riley increased their target price on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a "buy" rating in a research 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, Roth Mkm reissued a "buy" rating and set a $23.50 target price (down previously from $29.00) on shares of Bitdeer Technologies Group in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $20.10.

Bitdeer Technologies Group Stock Performance

The stock has a market capitalization of $1.26 billion, a P/E ratio of -2.76 and a beta of 2.32. The business has a fifty day simple moving average of $12.18 and a 200-day simple moving average of $14.43.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of institutional investors and hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. boosted its holdings in shares of Bitdeer Technologies Group by 167.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 483,022 shares of the company's stock worth $4,265,000 after buying an additional 302,548 shares in the last quarter. Scientech Research LLC boosted its holdings in shares of Bitdeer Technologies Group by 90.3% during the 1st quarter. Scientech Research LLC now owns 86,584 shares of the company's stock worth $765,000 after buying an additional 41,078 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Bitdeer Technologies Group in the 1st quarter worth $1,168,000. Graham Capital Management L.P. bought a new position in shares of Bitdeer Technologies Group in the 1st quarter worth $551,000. Finally, Harvest Portfolios Group Inc. lifted its holdings in shares of Bitdeer Technologies Group by 118.6% in the 1st quarter. Harvest Portfolios Group Inc. now owns 36,578 shares of the company's stock worth $323,000 after purchasing an additional 19,846 shares in the last quarter. 22.25% of the stock is currently owned by 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.