Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down Following Analyst Downgrade

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) shares gapped down prior to trading on Thursday after Needham & Company LLC lowered their price target on the stock from $18.00 to $15.00. The stock had previously closed at $10.57, but opened at $10.12. Needham & Company LLC currently has a buy rating on the stock. Bitdeer Technologies Group shares last traded at $10.36, with a volume of 497,402 shares.

Several other research firms have also commented on BTDR. Rosenblatt Securities dropped their price objective on shares of Bitdeer Technologies Group from $30.00 to $25.00 and set a "buy" rating on the stock in a research note on Monday, March 17th. HC Wainwright reissued a "buy" rating and issued a $21.00 price target (down from $22.00) on shares of Bitdeer Technologies Group in a research report on Wednesday, February 26th. B. Riley raised their price objective on Bitdeer Technologies Group from $15.00 to $24.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Keefe, Bruyette & Woods began coverage on Bitdeer Technologies Group in a report on Monday, January 27th. They issued an "outperform" rating and a $26.50 target price on the stock. Finally, Northland Securities raised their price target on Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an "outperform" rating in a report on Friday, January 10th. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Bitdeer Technologies Group currently has a consensus rating of "Buy" and a consensus target price of $21.00.

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Institutional Investors Weigh In On Bitdeer Technologies Group

Institutional investors have recently modified their holdings of the business. Yong Rong HK Asset Management Ltd bought a new position in Bitdeer Technologies Group during the 4th quarter valued at about $65,010,000. Trivest Advisors Ltd purchased a new position in shares of Bitdeer Technologies Group during the fourth quarter valued at approximately $48,481,000. Van ECK Associates Corp bought a new position in Bitdeer Technologies Group during the fourth quarter valued at approximately $29,125,000. Renaissance Technologies LLC boosted its holdings in Bitdeer Technologies Group by 3,558.6% in the fourth quarter. Renaissance Technologies LLC now owns 1,240,261 shares of the company's stock worth $26,876,000 after purchasing an additional 1,206,361 shares during the last quarter. Finally, Vident Advisory LLC grew its position in Bitdeer Technologies Group by 29.7% in the 4th quarter. Vident Advisory LLC now owns 1,139,619 shares of the company's stock worth $24,696,000 after purchasing an additional 260,649 shares during the period. 22.25% of the stock is owned by hedge funds and other institutional investors.

Bitdeer Technologies Group Trading Up 16.4 %

The business's 50 day simple moving average is $14.77 and its two-hundred day simple moving average is $13.33. The firm has a market capitalization of $1.30 billion, a PE ratio of -22.40 and a beta of 2.12.

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.