Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 4.2%

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s share price dropped 4.2% during mid-day trading on Tuesday . The company traded as low as $6.72 and last traded at $6.80. Approximately 508,716 shares traded hands during trading, a decline of 73% from the average daily volume of 1,880,559 shares. The stock had previously closed at $7.10.

Wall Street Analysts Forecast Growth

BTDR has been the topic of a number of recent research reports. Rosenblatt Securities initiated coverage on shares of Bitdeer Technologies Group in a research note on Tuesday. They set a "buy" rating and a $10.50 price target on the stock. Roth Mkm initiated coverage on shares of Bitdeer Technologies Group in a research note on Thursday, February 29th. They set a "buy" rating and a $14.00 price target on the stock. HC Wainwright reissued a "buy" rating and issued a $20.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, March 26th. B. Riley initiated coverage on shares of Bitdeer Technologies Group in a research note on Tuesday, March 12th. They issued a "buy" rating and a $9.00 target price on the stock. Finally, Benchmark reissued a "buy" rating and issued a $13.00 target price on shares of Bitdeer Technologies Group in a research note on Wednesday, March 27th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, Bitdeer Technologies Group presently has an average rating of "Buy" and a consensus price target of $13.58.

Bitdeer Technologies Group Stock Down 4.1 %

The firm has a market cap of $762.52 million, a PE ratio of -16.90 and a beta of 1.70. The company's 50 day moving average price is $7.28 and its two-hundred day moving average price is $6.72.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. UBS Group AG purchased a new position in Bitdeer Technologies Group in the 3rd quarter worth about $35,000. First Trust Advisors LP increased its stake in Bitdeer Technologies Group by 8.9% in the 4th quarter. First Trust Advisors LP now owns 51,237 shares of the company's stock worth $505,000 after buying an additional 4,197 shares during the period. Deutsche Bank AG purchased a new position in Bitdeer Technologies Group in the 3rd quarter worth about $41,000. Barclays PLC purchased a new position in Bitdeer Technologies Group in the 3rd quarter worth about $49,000. Finally, Wellington Management Group LLP purchased a new position in Bitdeer Technologies Group in the 4th quarter worth about $116,000. Hedge funds and other institutional investors own 22.25% of the company's stock.

About Bitdeer Technologies Group

Bitdeer Technologies Group operates as a technology company for the cryptocurrency mining community. It mines cryptocurrencies for its own account and serve the cryptocurrency mining community by providing cryptocurrency mining solution. The company handles various processes involved in mining, such as miner procurement, transport logistics, mining datacenter design and construction, mining machine management, and daily operations.