Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 9.8% – Should You Sell?

Bitdeer Technologies Group (NASDAQ:BTDR) shares dropped 9.8% during mid-day trading on Tuesday . The company traded as low as $20.64 and last traded at $21.00. Approximately 3,353,556 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 7,104,354 shares. The stock had previously closed at $23.28.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Needham & Company LLC reiterated a “buy” rating and set a $14.00 price objective on shares of Bitdeer Technologies Group in a research report on Tuesday, November 19th. Alliance Global Partners initiated coverage on shares of Bitdeer Technologies Group in a research report on Tuesday, October 8th. They set a “buy” rating and a $14.00 price target on the stock. Northland Securities boosted their price objective on shares of Bitdeer Technologies Group from $14.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Roth Mkm upped their price objective on shares of Bitdeer Technologies Group from $15.00 to $29.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Finally, Northland Capmk upgraded shares of Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $19.80.

Bitdeer Technologies Group Stock Performance

The firm has a market cap of $2.08 billion, a PE ratio of -35.73 and a beta of 2.09. The company’s 50-day simple moving average is $16.21 and its two-hundred day simple moving average is $11.05.

Institutional Trading of Bitdeer Technologies Group

Large investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its holdings in shares of Bitdeer Technologies Group by 281.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 246,834 shares of the company’s stock valued at $1,933,000 after buying an additional 182,110 shares in the last quarter. Millennium Management LLC boosted its position in shares of Bitdeer Technologies Group by 901.0% in the 2nd quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock worth $4,210,000 after purchasing an additional 369,363 shares in the last quarter. Mirabella Financial Services LLP bought a new position in Bitdeer Technologies Group during the 3rd quarter valued at approximately $5,872,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Bitdeer Technologies Group during the third quarter valued at $220,000. Finally, Geode Capital Management LLC boosted its holdings in Bitdeer Technologies Group by 14.6% in the third quarter. Geode Capital Management LLC now owns 368,564 shares of the company’s stock worth $2,886,000 after acquiring an additional 46,968 shares in the last quarter. Institutional investors own 22.25% of the company’s stock.

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.