Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down - Time to Sell?

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $10.15, but opened at $9.80. Bitdeer Technologies Group shares last traded at $10.04, with a volume of 359,850 shares trading hands.

Analysts Set New Price Targets

BTDR has been the subject of a number of analyst reports. HC Wainwright reiterated a "buy" rating and set a $21.00 target price (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 research note on Monday, March 17th. Roth Mkm restated a "buy" rating and set a $23.50 target price (down previously from $29.00) on shares of Bitdeer Technologies Group in a report on Wednesday, February 26th. 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 report on Friday, January 10th. Finally, B. Riley boosted their price objective 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. Ten equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $21.00.

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Bitdeer Technologies Group Stock Down 3.2 %

The stock's fifty day simple moving average is $13.92 and its two-hundred day simple moving average is $13.45. The firm has a market cap of $990.34 million, a PE ratio of -17.01 and a beta of 2.12.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Bitdeer Technologies Group by 3.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,358 shares of the company's stock valued at $636,000 after acquiring an additional 916 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in Bitdeer Technologies Group by 14.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 9,600 shares of the company's stock worth $208,000 after buying an additional 1,200 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Bitdeer Technologies Group by 56.4% in the fourth quarter. Wells Fargo & Company MN now owns 4,270 shares of the company's stock worth $93,000 after buying an additional 1,540 shares in the last quarter. Quarry LP purchased a new stake in shares of Bitdeer Technologies Group during the fourth quarter valued at approximately $42,000. Finally, Stonebridge Financial Group LLC bought a new stake in shares of Bitdeer Technologies Group during the fourth quarter valued at approximately $65,000. Hedge funds and other institutional investors own 22.25% of the company's stock.

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.