Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 6.7% – Time to Sell?

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price dropped 6.7% during trading on Tuesday . The company traded as low as $11.20 and last traded at $11.51. Approximately 904,736 shares were traded during trading, a decline of 62% from the average daily volume of 2,371,940 shares. The stock had previously closed at $12.33.

Wall Street Analysts Forecast Growth

BTDR has been the topic of a number of recent research reports. Benchmark restated a “buy” rating and issued a $16.00 target price on shares of Bitdeer Technologies Group in a report on Tuesday, November 19th. Cantor Fitzgerald reissued an “overweight” rating and issued a $13.00 price target on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. Roth Mkm boosted their price objective on Bitdeer Technologies Group from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Needham & Company LLC reiterated a “buy” rating and issued a $14.00 target price on shares of Bitdeer Technologies Group in a report on Tuesday, November 19th. Finally, B. Riley dropped their target price on shares of Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $14.80.

Bitdeer Technologies Group Price Performance

The firm’s fifty day moving average is $8.74 and its 200 day moving average is $8.30. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of -23.52 and a beta of 1.92.

Hedge Funds Weigh In On Bitdeer Technologies Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Millennium Management LLC boosted its position in Bitdeer Technologies Group by 901.0% during the second quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock valued at $4,210,000 after purchasing an additional 369,363 shares during the last quarter. Mirabella Financial Services LLP purchased a new stake in shares of Bitdeer Technologies Group during the 3rd quarter worth about $5,872,000. Point72 Hong Kong Ltd acquired a new stake in shares of Bitdeer Technologies Group during the 2nd quarter valued at about $4,510,000. Shariaportfolio Inc. acquired a new stake in shares of Bitdeer Technologies Group during the 3rd quarter valued at about $1,039,000. Finally, Thomist Capital Management LP bought a new stake in shares of Bitdeer Technologies Group in the 2nd quarter valued at approximately $1,156,000. 22.25% of the stock is currently owned by hedge funds and other 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.