Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 3.6% – Time to Sell?

Bitdeer Technologies Group (NASDAQ:BTDR) shares dropped 3.6% during trading on Tuesday . The stock traded as low as $11.30 and last traded at $11.23. Approximately 470,380 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 4,127,947 shares. The stock had previously closed at $11.65.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on BTDR shares. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price objective (down previously from $22.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. 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 research note on Thursday, December 19th. Northland Securities raised 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. Keefe, Bruyette & Woods started coverage on Bitdeer Technologies Group in a research note on Monday, January 27th. They set an “outperform” rating and a $26.50 price target for the company. Finally, Needham & Company LLC decreased their price objective on shares of Bitdeer Technologies Group from $18.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, March 19th. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bitdeer Technologies Group currently has an average rating of “Buy” and an average price target of $21.00.

Bitdeer Technologies Group Price Performance

The firm has a market cap of $1.14 billion, a P/E ratio of -19.52 and a beta of 2.12. The company’s 50 day moving average is $14.39 and its two-hundred day moving average is $13.35.

Institutional Trading of Bitdeer Technologies Group

Several institutional investors have recently modified their holdings of BTDR. Quarry LP acquired a new position in shares of Bitdeer Technologies Group in the fourth quarter valued at $42,000. Stonebridge Financial Group LLC bought a new stake in Bitdeer Technologies Group in the 4th quarter valued at $65,000. Public Employees Retirement System of Ohio acquired a new position in shares of Bitdeer Technologies Group in the 3rd quarter valued at $66,000. SBI Securities Co. Ltd. bought a new position in shares of Bitdeer Technologies Group during the 4th quarter worth about $79,000. Finally, Centiva Capital LP acquired a new stake in shares of Bitdeer Technologies Group during the 3rd quarter valued at about $91,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

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.