Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Down 4.5% – Time to Sell?

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) dropped 4.5% on Monday . The stock traded as low as $19.52 and last traded at $19.57. Approximately 2,810,037 shares were traded during mid-day trading, a decline of 8% from the average daily volume of 3,042,199 shares. The stock had previously closed at $20.49.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BTDR. B. Riley raised their price objective on Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Roth Mkm boosted their price target on shares of Bitdeer Technologies Group from $15.00 to $29.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Rosenblatt Securities upped their price objective on shares of Bitdeer Technologies Group from $17.00 to $22.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Alliance Global Partners began coverage on shares of Bitdeer Technologies Group in a research note on Tuesday, October 8th. They set a “buy” rating and a $14.00 target price for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 price target on shares of Bitdeer Technologies Group in a research report on Tuesday, November 19th. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Bitdeer Technologies Group has an average rating of “Buy” and an average price target of $19.80.

Bitdeer Technologies Group Stock Up 14.8 %

The business has a 50-day moving average price of $13.09 and a two-hundred day moving average price of $10.01. The company has a market capitalization of $2.64 billion, a price-to-earnings ratio of -45.31 and a beta of 2.27.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several hedge funds have recently modified their holdings of the company. Central Asset Investments & Management Holdings HK Ltd purchased a new stake in Bitdeer Technologies Group during the second quarter worth about $272,000. Thomist Capital Management LP purchased a new stake in shares of Bitdeer Technologies Group during the 2nd quarter worth approximately $1,156,000. XTX Topco Ltd purchased a new stake in Bitdeer Technologies Group in the 2nd quarter worth about $276,000. Symmetry Investments LP purchased a new position in Bitdeer Technologies Group in the 2nd quarter valued at approximately $432,000. Finally, D1 Capital Partners L.P. purchased a new position in shares of Bitdeer Technologies Group in the second quarter valued at $5,386,000. Institutional investors 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.