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

Shares of Bitdeer Technologies Group (NASDAQ:BTDR) traded down 6.7% during mid-day trading on Tuesday . The company traded as low as $11.20 and last traded at $11.51. 904,736 shares were traded during mid-day trading, a decline of 62% from the average session volume of 2,371,940 shares. The stock had previously closed at $12.33.

Analyst Ratings Changes

Several brokerages have recently issued reports on BTDR. Alliance Global Partners assumed coverage on Bitdeer Technologies Group in a report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 price objective for the company. Rosenblatt Securities lifted their price target on shares of Bitdeer Technologies Group from $9.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. B. Riley lowered their target price on Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Cantor Fitzgerald restated an “overweight” rating and issued a $13.00 price objective on shares of Bitdeer Technologies Group in a research note on Thursday, October 3rd. Finally, HC Wainwright upped their price target on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a research 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.com, the company currently has a consensus rating of “Buy” and an average price target of $14.80.

Bitdeer Technologies Group Stock Performance

The company has a 50-day simple moving average of $8.55 and a 200 day simple moving average of $8.23. The company has a market capitalization of $1.32 billion, a P/E ratio of -22.13 and a beta of 1.92.

Institutional Investors Weigh In On Bitdeer Technologies Group

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

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.