Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 5.1%

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) fell 5.1% during mid-day trading on Tuesday . The stock traded as low as $5.25 and last traded at $5.36. 323,475 shares were traded during mid-day trading, a decline of 82% from the average session volume of 1,813,629 shares. The stock had previously closed at $5.65.

Wall Street Analyst Weigh In

BTDR has been the subject of several recent research reports. Rosenblatt Securities initiated coverage on Bitdeer Technologies Group in a research report on Tuesday, April 9th. They issued a “buy” rating and a $10.50 price target for the company. B. Riley initiated coverage on Bitdeer Technologies Group in a research report on Tuesday, March 12th. They issued a “buy” rating and a $9.00 price target for the company. Needham & Company LLC initiated coverage on Bitdeer Technologies Group in a research report on Monday. They issued a “buy” rating and a $14.00 price target for the company. HC Wainwright reiterated a “buy” rating and issued a $20.00 price target on shares of Bitdeer Technologies Group in a research report on Tuesday, March 26th. Finally, Roth Mkm initiated coverage on Bitdeer Technologies Group in a research report on Thursday, February 29th. They issued a “buy” rating and a $14.00 price target for the company. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $13.64.

Bitdeer Technologies Group Price Performance

The company has a 50-day simple moving average of $7.06 and a 200-day simple moving average of $6.54. The firm has a market cap of $620.29 million, a PE ratio of -13.19 and a beta of 1.70.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BTDR. Polar Asset Management Partners Inc. purchased a new position in shares of Bitdeer Technologies Group during the second quarter valued at approximately $347,000. Exchange Traded Concepts LLC bought a new stake in shares of Bitdeer Technologies Group during the third quarter valued at approximately $2,803,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Bitdeer Technologies Group during the third quarter valued at approximately $150,000. EDBI Pte Ltd bought a new stake in shares of Bitdeer Technologies Group during the third quarter valued at approximately $3,444,000. Finally, Barclays PLC bought a new stake in shares of Bitdeer Technologies Group during the third quarter valued at approximately $49,000. Hedge funds and other institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group operates as a technology company for the cryptocurrency mining community. It mines cryptocurrencies for its own account and serve the cryptocurrency mining community by providing cryptocurrency mining solution. The company handles various processes involved in mining, such as miner procurement, transport logistics, mining datacenter design and construction, mining machine management, and daily operations.