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

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price gapped down before the market opened 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 trading hands.

BTDR has been the topic of several other reports. Roth Mkm reissued a “buy” rating and set a $23.50 price target (down from $29.00) on shares of Bitdeer Technologies Group in a research report on Wednesday, February 26th. 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. HC Wainwright reaffirmed 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 dropped their target price on Bitdeer Technologies Group from $29.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Finally, B. Riley upped their target price on Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Ten investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Bitdeer Technologies Group currently has a consensus rating of “Buy” and a consensus price target of $21.00.

Institutional Trading of Bitdeer Technologies Group

Large investors have recently made changes to their positions in the stock. Yong Rong HK Asset Management Ltd bought a new stake in Bitdeer Technologies Group during the 4th quarter valued at approximately $65,010,000. Trivest Advisors Ltd bought a new stake in Bitdeer Technologies Group during the 4th quarter valued at approximately $48,481,000. Van ECK Associates Corp bought a new stake in Bitdeer Technologies Group during the 4th quarter valued at approximately $29,125,000. Renaissance Technologies LLC boosted its stake in Bitdeer Technologies Group by 3,558.6% during the 4th quarter. Renaissance Technologies LLC now owns 1,240,261 shares of the company’s stock valued at $26,876,000 after purchasing an additional 1,206,361 shares during the period. Finally, Voloridge Investment Management LLC bought a new stake in Bitdeer Technologies Group during the 4th quarter valued at approximately $16,834,000. Institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Stock Performance

The firm has a 50 day moving average of $15.05 and a two-hundred day moving average of $13.16. The stock has a market cap of $1.12 billion, a P/E ratio of -19.23 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.