Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 6.7% – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR) was down 6.7% during trading on Tuesday . The company traded as low as $11.20 and last traded at $11.51. Approximately 904,736 shares changed hands during trading, a decline of 62% from the average daily volume of 2,371,940 shares. The stock had previously closed at $12.33.

Analyst Upgrades and Downgrades

BTDR has been the topic of a number of recent research reports. HC Wainwright lifted their price objective on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Benchmark reaffirmed a “buy” rating and issued a $16.00 target price on shares of Bitdeer Technologies Group in a research report on Tuesday, November 19th. Roth Mkm lifted their price objective on shares of Bitdeer Technologies Group from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Cantor Fitzgerald restated an “overweight” rating and issued a $13.00 price target on shares of Bitdeer Technologies Group in a research report on Thursday, October 3rd. Finally, Needham & Company LLC restated a “buy” rating and set a $14.00 price objective on shares of Bitdeer Technologies Group in a research report on Tuesday, November 19th. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bitdeer Technologies Group currently has a consensus rating of “Buy” and an average target price of $14.80.

Bitdeer Technologies Group Stock Down 4.5 %

The stock has a market cap of $1.32 billion, a PE ratio of -22.13 and a beta of 1.92. The business’s 50-day simple moving average is $8.55 and its 200-day simple moving average is $8.23.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Mirabella Financial Services LLP purchased a new stake in Bitdeer Technologies Group in the third quarter worth about $5,872,000. D1 Capital Partners L.P. bought a new stake in Bitdeer Technologies Group in the 2nd quarter worth about $5,386,000. Marshall Wace LLP bought a new position in shares of Bitdeer Technologies Group during the 2nd quarter valued at $5,074,000. Point72 Asset Management L.P. purchased a new position in shares of Bitdeer Technologies Group during the 2nd quarter worth $4,617,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of Bitdeer Technologies Group in the second quarter worth approximately $4,510,000. 22.25% of the stock is owned by hedge funds and other 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.