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

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $18.52, but opened at $16.90. Bitdeer Technologies Group shares last traded at $17.23, with a volume of 2,677,681 shares.

Analysts Set New Price Targets

A number of research firms have weighed in on BTDR. Northland Securities upped their target price on Bitdeer Technologies Group from $20.00 to $24.00 and gave the stock an "outperform" rating in a research report on Friday, January 10th. B. Riley upped their price objective 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 lifted their target price on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a "buy" rating in a report on Tuesday, November 19th. Northland Capmk raised shares of Bitdeer Technologies Group to a "strong-buy" rating in a report on Wednesday, October 9th. Finally, Roth Mkm raised their price objective on shares of Bitdeer Technologies Group from $15.00 to $29.00 and gave the company a "buy" rating in a research report on Tuesday, December 17th. Eleven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $22.23.

Bitdeer Technologies Group Price Performance

The firm's fifty day simple moving average is $19.64 and its 200 day simple moving average is $12.18. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of -31.27 and a beta of 2.04.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BTDR. Yong Rong HK Asset Management Ltd acquired a new position in shares of Bitdeer Technologies Group in the 4th quarter valued at about $65,010,000. Van ECK Associates Corp acquired a new position in Bitdeer Technologies Group in the 4th quarter valued at approximately $29,125,000. Mirabella Financial Services LLP purchased a new stake in Bitdeer Technologies Group in the 3rd quarter worth approximately $5,872,000. FengHe Fund Management Pte. Ltd. acquired a new stake in shares of Bitdeer Technologies Group during the 4th quarter valued at $10,378,000. Finally, Millennium Management LLC grew its holdings in shares of Bitdeer Technologies Group by 901.0% during the 2nd quarter. Millennium Management LLC now owns 410,359 shares of the company's stock valued at $4,210,000 after acquiring an additional 369,363 shares in the last quarter. Institutional investors and hedge funds 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.