Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 5.2% – What’s Next?

Bitdeer Technologies Group (NASDAQ:BTDR) shares were down 5.2% during mid-day trading on Tuesday . The stock traded as low as $15.76 and last traded at $15.64. Approximately 1,636,587 shares changed hands during trading, a decline of 75% from the average daily volume of 6,529,557 shares. The stock had previously closed at $16.50.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on BTDR shares. Needham & Company LLC upped their target price on Bitdeer Technologies Group from $14.00 to $22.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Benchmark raised their target price on Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Rosenblatt Securities increased their price objective on Bitdeer Technologies Group from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Keefe, Bruyette & Woods began coverage on Bitdeer Technologies Group in a report on Monday, January 27th. They set an “outperform” rating and a $26.50 price objective for the company. Finally, B. Riley upped their target price on shares of Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Eleven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $22.23.

Bitdeer Technologies Group Stock Performance

The stock has a market cap of $1.68 billion, a price-to-earnings ratio of -28.81 and a beta of 2.04. The firm’s 50-day simple moving average is $19.51 and its two-hundred day simple moving average is $12.65.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Quarry LP acquired a new stake in shares of Bitdeer Technologies Group in the 4th quarter valued at $42,000. Stonebridge Financial Group LLC acquired a new stake in Bitdeer Technologies Group during the 4th quarter worth $65,000. Public Employees Retirement System of Ohio bought a new stake in shares of Bitdeer Technologies Group in the 3rd quarter valued at about $66,000. SBI Securities Co. Ltd. acquired a new stake in shares of Bitdeer Technologies Group in the 4th quarter valued at approximately $79,000. Finally, Centiva Capital LP bought a new position in Bitdeer Technologies Group during the 3rd quarter worth approximately $91,000. Institutional investors own 22.25% of the company’s stock.

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.