Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 3.6% – Should You Sell?

Bitdeer Technologies Group (NASDAQ:BTDR) dropped 3.6% during trading on Thursday . The company traded as low as $20.02 and last traded at $20.08. Approximately 634,055 shares traded hands during trading, a decline of 92% from the average daily volume of 7,622,013 shares. The stock had previously closed at $20.84.

Wall Street Analyst Weigh In

BTDR has been the topic of a number of research analyst reports. HC Wainwright raised their price target on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price target on shares of Bitdeer Technologies Group in a research report on Monday. Roth Mkm raised their price target on Bitdeer Technologies Group from $15.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Alliance Global Partners initiated coverage on Bitdeer Technologies Group in a research report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 target price on the stock. Finally, Northland Capmk raised Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Bitdeer Technologies Group currently has a consensus rating of “Buy” and an average target price of $21.00.

Bitdeer Technologies Group Stock Up 1.4 %

The stock has a 50 day simple moving average of $17.07 and a two-hundred day simple moving average of $11.30. The stock has a market capitalization of $2.37 billion, a P/E ratio of -40.62 and a beta of 2.09.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Mirabella Financial Services LLP bought a new position in Bitdeer Technologies Group in the third quarter valued at approximately $5,872,000. D1 Capital Partners L.P. bought a new position in shares of Bitdeer Technologies Group during the 2nd quarter worth approximately $5,386,000. Marshall Wace LLP bought a new position in shares of Bitdeer Technologies Group during the 2nd quarter worth approximately $5,074,000. Point72 Asset Management L.P. bought a new position in shares of Bitdeer Technologies Group during the 2nd quarter worth approximately $4,617,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of Bitdeer Technologies Group during the 2nd quarter worth approximately $4,510,000. 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.