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

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) were down 8.4% during trading on Tuesday . The company traded as low as $7.59 and last traded at $7.58. Approximately 1,483,885 shares changed 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.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Needham & Company LLC cut their price target on shares of Bitdeer Technologies Group from $18.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, March 19th. B. Riley boosted their price target on shares of Bitdeer Technologies Group from $15.00 to $24.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Benchmark lowered their price objective on shares of Bitdeer Technologies Group from $29.00 to $24.00 and set a "buy" rating for the company in a report on Wednesday, February 26th. Keefe, Bruyette & Woods started coverage on Bitdeer Technologies Group in a report on Monday, January 27th. They set an "outperform" rating and a $26.50 target price on the stock. Finally, Roth Mkm reissued a "buy" rating and issued a $23.50 target price (down previously from $29.00) on shares of Bitdeer Technologies Group in a research report on Wednesday, February 26th. 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 MarketBeat, Bitdeer Technologies Group has an average rating of "Buy" and a consensus price target of $19.70.

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Bitdeer Technologies Group Stock Up 4.6 %

The firm has a market capitalization of $890.13 million, a P/E ratio of -15.29 and a beta of 2.25. The company has a fifty day simple moving average of $11.44 and a 200 day simple moving average of $13.47.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of institutional investors have recently made changes to their positions in BTDR. Charles Schwab Investment Management Inc. increased its holdings in shares of Bitdeer Technologies Group by 281.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 246,834 shares of the company's stock worth $1,933,000 after purchasing an additional 182,110 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Bitdeer Technologies Group in the 3rd quarter worth about $220,000. Centiva Capital LP bought a new position in Bitdeer Technologies Group during the 3rd quarter valued at about $91,000. State Street Corp purchased a new stake in shares of Bitdeer Technologies Group during the 3rd quarter valued at about $1,510,000. Finally, Y Intercept Hong Kong Ltd boosted its holdings in shares of Bitdeer Technologies Group by 96.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 44,328 shares of the company's stock valued at $347,000 after acquiring an additional 21,798 shares during the last quarter. Hedge funds and other 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.