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

Bitdeer Technologies Group (NASDAQ:BTDR) 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 traded.

Several other research analysts have also commented on BTDR. Benchmark dropped their price objective on shares of Bitdeer Technologies Group from $29.00 to $24.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods assumed coverage on shares of Bitdeer Technologies Group in a research note on Monday, January 27th. They set an “outperform” rating and a $26.50 price objective for the company. Northland Securities boosted their target price on shares of Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. B. Riley boosted their target price on shares of Bitdeer Technologies Group from $15.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, HC Wainwright reissued a “buy” rating and set a $21.00 target price (down from $22.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. Ten investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $21.00.

Institutional Trading of Bitdeer Technologies Group

Hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its stake in Bitdeer Technologies Group by 281.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 246,834 shares of the company’s stock worth $1,933,000 after acquiring an additional 182,110 shares during the period. FengHe Fund Management Pte. Ltd. purchased a new stake in Bitdeer Technologies Group in the fourth quarter worth about $10,378,000. Mirabella Financial Services LLP purchased a new stake in Bitdeer Technologies Group in the third quarter worth about $5,872,000. Barclays PLC purchased a new stake in Bitdeer Technologies Group in the third quarter worth about $161,000. Finally, Geode Capital Management LLC lifted its stake in Bitdeer Technologies Group by 14.6% in the third quarter. Geode Capital Management LLC now owns 368,564 shares of the company’s stock worth $2,886,000 after acquiring an additional 46,968 shares during the period. 22.25% of the stock is owned by hedge funds and other institutional investors.

Bitdeer Technologies Group Stock Up 0.1 %

The stock’s 50 day moving average is $14.88 and its two-hundred day moving average is $13.19. The company has a market capitalization of $1.12 billion, a PE ratio of -19.25 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.