Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 3.6% – Should You Sell?

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price fell 3.6% during trading on Thursday . The stock traded as low as $20.02 and last traded at $20.08. 634,055 shares were traded during trading, a decline of 92% from the average session volume of 7,622,013 shares. The stock had previously closed at $20.84.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Needham & Company LLC raised their price target on Bitdeer Technologies Group from $14.00 to $22.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Northland Capmk upgraded Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Alliance Global Partners started coverage on Bitdeer Technologies Group in a research note on Tuesday, October 8th. They issued a “buy” rating and a $14.00 price target for the company. Roth Mkm lifted their price objective on shares of Bitdeer Technologies Group from $15.00 to $29.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 target price on shares of Bitdeer Technologies Group in a research note on Monday, January 13th. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $21.00.

Bitdeer Technologies Group Stock Performance

The firm’s fifty day simple moving average is $17.80 and its 200 day simple moving average is $11.51. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of -40.19 and a beta of 2.09.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several institutional investors have recently added to or reduced their stakes in BTDR. Mirabella Financial Services LLP bought a new stake in shares of Bitdeer Technologies Group in the third quarter valued at about $5,872,000. D1 Capital Partners L.P. bought a new stake in Bitdeer Technologies Group in the 2nd quarter valued at approximately $5,386,000. Marshall Wace LLP bought a new stake in Bitdeer Technologies Group in the 2nd quarter valued at approximately $5,074,000. Point72 Asset Management L.P. acquired a new position in Bitdeer Technologies Group during the 2nd quarter worth approximately $4,617,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of Bitdeer Technologies Group during the 2nd quarter worth approximately $4,510,000. 22.25% of the stock is owned by institutional investors.

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.