Bitdeer Technologies Group (NASDAQ:BTDR) Shares Gap Down – Here’s What Happened

Bitdeer Technologies Group (NASDAQ:BTDR) gapped down before the market opened on Wednesday . The stock had previously closed at $12.91, but opened at $12.60. Bitdeer Technologies Group shares last traded at $12.79, with a volume of 1,069,383 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BTDR. Rosenblatt Securities upped their price target on shares of Bitdeer Technologies Group from $12.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. B. Riley upped their target price on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Wednesday, May 28th. Needham & Company LLC increased their price target on Bitdeer Technologies Group from $13.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, May 16th. Wall Street Zen upgraded Bitdeer Technologies Group from a “sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Finally, Benchmark restated a “buy” rating and issued a $24.00 price objective on shares of Bitdeer Technologies Group in a report on Monday, May 12th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Bitdeer Technologies Group presently has an average rating of “Buy” and a consensus price target of $19.60.

Bitdeer Technologies Group Stock Performance

The stock has a market cap of $1.41 billion, a price-to-earnings ratio of -24.29 and a beta of 2.32. The business’s 50 day moving average is $11.14 and its 200 day moving average is $14.38.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. FengHe Fund Management Pte. Ltd. acquired a new stake in shares of Bitdeer Technologies Group during the 4th quarter valued at $10,378,000. Renaissance Technologies LLC increased its position in Bitdeer Technologies Group by 3,558.6% in the 4th quarter. Renaissance Technologies LLC now owns 1,240,261 shares of the company’s stock worth $26,876,000 after purchasing an additional 1,206,361 shares during the last quarter. Yong Rong HK Asset Management Ltd purchased a new stake in shares of Bitdeer Technologies Group during the 4th quarter worth about $65,010,000. JPMorgan Chase & Co. acquired a new stake in shares of Bitdeer Technologies Group during the 4th quarter valued at about $8,833,000. Finally, Vident Advisory LLC increased its holdings in Bitdeer Technologies Group by 29.7% in the fourth quarter. Vident Advisory LLC now owns 1,139,619 shares of the company’s stock worth $24,696,000 after buying an additional 260,649 shares during the last quarter. Institutional investors and hedge funds own 22.25% of the company’s stock.

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.