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

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) gapped down before the market opened on Thursday after Rosenblatt Securities lowered their price target on the stock from $25.00 to $12.00. The stock had previously closed at $8.83, but opened at $8.25. Rosenblatt Securities currently has a buy rating on the stock. Bitdeer Technologies Group shares last traded at $7.71, with a volume of 1,383,479 shares trading hands.

BTDR has been the topic of several other reports. Needham & Company LLC dropped their target price on Bitdeer Technologies Group from $18.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, March 19th. Roth Mkm reaffirmed a "buy" rating and set a $23.50 price objective (down previously from $29.00) on shares of Bitdeer Technologies Group in a research report on Wednesday, February 26th. HC Wainwright reissued a "buy" rating and issued a $21.00 target price (down from $22.00) on shares of Bitdeer Technologies Group in a research report on Wednesday, February 26th. Benchmark cut their price target on shares of Bitdeer Technologies Group from $29.00 to $24.00 and set a "buy" rating on the stock in a report on Wednesday, February 26th. Finally, Keefe, Bruyette & Woods started 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. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $19.70.

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Institutional Trading of Bitdeer Technologies Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Bitdeer Technologies Group by 3.2% in 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 during the period. Public Employees Retirement System of Ohio increased its holdings in shares of Bitdeer Technologies Group by 14.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 9,600 shares of the company's stock worth $208,000 after purchasing an additional 1,200 shares during the period. 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 valued at $93,000 after buying an additional 1,540 shares during the period. Quarry LP acquired a new stake in Bitdeer Technologies Group during the fourth quarter worth about $42,000. Finally, Stonebridge Financial Group LLC acquired a new position in Bitdeer Technologies Group in the 4th quarter valued at approximately $65,000. Institutional investors and hedge funds own 22.25% of the company's stock.

Bitdeer Technologies Group Stock Performance

The company has a market cap of $810.63 million, a P/E ratio of -13.92 and a beta of 2.25. The stock has a 50-day simple moving average of $11.28 and a 200 day simple moving average of $13.50.

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.