Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down - Here's Why

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $23.56, but opened at $22.90. Bitdeer Technologies Group shares last traded at $24.76, with a volume of 1,874,055 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on BTDR shares. Needham & Company LLC reissued a "buy" rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a research report on Tuesday, November 19th. B. Riley boosted their price target on Bitdeer Technologies Group from $15.00 to $24.00 and gave the company a "buy" rating in a report on Thursday, December 19th. HC Wainwright raised their price objective on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a "buy" rating in a report on Tuesday, November 19th. Rosenblatt Securities upped their target price on Bitdeer Technologies Group from $17.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $13.00 price target on shares of Bitdeer Technologies Group in a research report on Thursday, October 3rd. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $19.80.

Bitdeer Technologies Group Trading Up 3.8 %

The stock has a 50-day simple moving average of $13.73 and a 200 day simple moving average of $10.21. The company has a market cap of $2.74 billion, a price-to-earnings ratio of -47.04 and a beta of 2.27.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted 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 valued at $1,933,000 after acquiring an additional 182,110 shares during the last quarter. Millennium Management LLC boosted its holdings in Bitdeer Technologies Group by 901.0% in the second quarter. Millennium Management LLC now owns 410,359 shares of the company's stock valued at $4,210,000 after purchasing an additional 369,363 shares during the last quarter. Mirabella Financial Services LLP acquired a new stake in Bitdeer Technologies Group during the 3rd quarter worth about $5,872,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Bitdeer Technologies Group during the 3rd quarter valued at about $220,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Bitdeer Technologies Group in the 3rd quarter valued at about $285,000. 22.25% of the stock is owned by hedge funds and other institutional investors.

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.