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

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) gapped down before the market opened on Tuesday . The stock had previously closed at $13.84, but opened at $13.40. Bitdeer Technologies Group shares last traded at $14.75, with a volume of 1,719,093 shares.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $13.00 target price on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. Benchmark reaffirmed a “buy” rating and set a $16.00 price objective on shares of Bitdeer Technologies Group in a research note on Tuesday, November 19th. Needham & Company LLC reissued a “buy” rating and issued a $14.00 target price on shares of Bitdeer Technologies Group in a research report on Tuesday, November 19th. Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Finally, Northland Securities lifted their price target on shares of Bitdeer Technologies Group from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $14.80.

Bitdeer Technologies Group Stock Performance

The firm has a fifty day moving average of $8.99 and a 200-day moving average of $8.43. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of -28.36 and a beta of 2.26.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC acquired a new stake in Bitdeer Technologies Group in the third quarter valued at approximately $275,000. Barclays PLC acquired a new stake in Bitdeer Technologies Group during the 3rd quarter valued at $161,000. Geode Capital Management LLC increased its stake in Bitdeer Technologies Group by 14.6% during the 3rd quarter. Geode Capital Management LLC now owns 368,564 shares of the company’s stock worth $2,886,000 after buying an additional 46,968 shares during the period. Public Employees Retirement System of Ohio acquired a new position in Bitdeer Technologies Group in the 3rd quarter worth $66,000. Finally, Y Intercept Hong Kong Ltd boosted its position in Bitdeer Technologies Group by 96.8% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 44,328 shares of the company’s stock valued at $347,000 after buying an additional 21,798 shares during the last quarter. 22.25% of the stock is currently owned by hedge funds and other institutional investors.

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.