Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 8.4% – Should You Sell?

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price dropped 8.4% during mid-day trading on Tuesday . The stock traded as low as $7.59 and last traded at $7.58. Approximately 1,483,885 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 4,256,728 shares. The stock had previously closed at $8.28.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Benchmark reduced their target price on Bitdeer Technologies Group from $29.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. HC Wainwright reiterated a “buy” rating and issued a $21.00 price objective (down previously from $22.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods initiated coverage on shares of Bitdeer Technologies Group in a research report on Monday, January 27th. They set an “outperform” rating and a $26.50 target price on the stock. Northland Securities lifted their price target 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. Finally, Roth Mkm restated a “buy” rating and issued a $23.50 price target (down previously from $29.00) on shares of Bitdeer Technologies Group in a report on Wednesday, February 26th. Ten investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $21.00.

Bitdeer Technologies Group Trading Down 11.5 %

The business has a 50 day moving average of $12.59 and a 200-day moving average of $13.52. The stock has a market cap of $820.15 million, a PE ratio of -14.09 and a beta of 2.25.

Institutional Trading of Bitdeer Technologies Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Quarry LP purchased a new stake in Bitdeer Technologies Group during the 4th quarter worth about $42,000. Stonebridge Financial Group LLC purchased a new stake in shares of Bitdeer Technologies Group during the fourth quarter worth about $65,000. Public Employees Retirement System of Ohio acquired a new position in shares of Bitdeer Technologies Group in the third quarter valued at approximately $66,000. SBI Securities Co. Ltd. purchased a new position in shares of Bitdeer Technologies Group during the fourth quarter valued at approximately $79,000. Finally, Centiva Capital LP purchased a new position in shares of Bitdeer Technologies Group during the third quarter valued at approximately $91,000. 22.25% of the stock is currently 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.