Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 3.6% – Here’s Why

Bitdeer Technologies Group (NASDAQ:BTDR) shares fell 3.6% during trading on Tuesday . The company traded as low as $11.30 and last traded at $11.23. 470,380 shares traded hands during trading, a decline of 89% from the average session volume of 4,127,947 shares. The stock had previously closed at $11.65.

Wall Street Analysts Forecast Growth

BTDR has been the topic of a number of recent analyst reports. Benchmark cut their price objective on Bitdeer Technologies Group from $29.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Northland Securities boosted their price objective on shares of Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. HC Wainwright restated a “buy” rating and issued a $21.00 price objective (down from $22.00) on shares of Bitdeer Technologies Group in a report on Wednesday, February 26th. Rosenblatt Securities reduced their target price on Bitdeer Technologies Group from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Monday, March 17th. Finally, Needham & Company LLC reduced their price target on Bitdeer Technologies Group from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, March 19th. Ten equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $21.00.

Bitdeer Technologies Group Trading Down 4.8 %

The firm has a market capitalization of $1.24 billion, a P/E ratio of -21.33 and a beta of 2.12. The business’s 50 day simple moving average is $14.77 and its two-hundred day simple moving average is $13.33.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several institutional investors have recently modified their holdings of BTDR. Quarry LP purchased a new stake in shares of Bitdeer Technologies Group during the 4th quarter valued at about $42,000. Stonebridge Financial Group LLC bought a new stake in shares of Bitdeer Technologies Group during the 4th quarter valued at about $65,000. SBI Securities Co. Ltd. bought a new position in shares of Bitdeer Technologies Group in the 4th quarter worth approximately $79,000. Wells Fargo & Company MN boosted its stake in shares of Bitdeer Technologies Group by 56.4% during the 4th quarter. Wells Fargo & Company MN now owns 4,270 shares of the company’s stock worth $93,000 after acquiring an additional 1,540 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in Bitdeer Technologies Group during the fourth quarter valued at $116,000. 22.25% of the stock is owned by hedge funds and other 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.