Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Declines 5.2% - What's Next?

On Tuesday, the shares of Bitdeer Technologies Group (NASDAQ:BTDR) saw a drop of 5.2%. The stock reached a low of $15.76 before closing at $15.64. During the day, 1,636,587 shares changed hands, which is a significant decrease of 75% compared to the average trading volume of 6,529,557 shares. The previous close was noted at $16.50.

New Analyst Price Targets

Various research analysts have recently assessed the stock, providing their insights. For instance, Keefe, Bruyette & Woods began coverage on Bitdeer Technologies Group on January 27th, giving it an 'outperform' rating with a target price set at $26.50. On November 19th, HC Wainwright raised their price target from $17.00 to $18.00, along with a 'buy' rating. Northland Securities increased their target from $20.00 to $24.00 with an 'outperform' rating on January 10th. Needham & Company LLC also uplifted their price target from $14.00 to $22.00 while maintaining a 'buy' rating. Furthermore, Roth Mkm established a new target price of $29.00, with a 'buy' recommendation.

Currently, multiple analysts have classified the stock as a 'buy', with a consensus target price hovering around $22.23, according to data collected.

Stock Performance Overview

Bitdeer Technologies Group has a 50-day moving average priced at $19.61, and the two-hundred day moving average sits at $12.63. The company's current market capitalization is approximately $1.68 billion. Its price-to-earnings (P/E) ratio is -28.90, while the stock's beta is 2.04, indicating higher volatility compared to the broader market.

Investment Activity

Recently, some large institutional investors have adjusted their positions in BTDR. For instance, Two Seas Capital LP invested approximately $9.4 million in Bitdeer Technologies Group in the last quarter. Additionally, UBS Asset Management increased its holdings by 118.2%, bringing its total shares to 61,254, valued at around $1.3 million after acquiring another 33,182 shares. Voloridge Investment Management acquired shares worth approximately $16.8 million, while Vident Advisory LLC boosted their position by nearly 29.7%, holding 1,139,619 shares valued at around $24.7 million. Squarepoint Ops LLC also bought new shares worth $2.77 million.

Institutional investors collectively hold about 22.25% of Bitdeer Technologies Group's stock.

Company Overview

Bitdeer Technologies Group functions as a tech company specializing in blockchain and computing. Its offerings include hash rate sharing solutions, such as Cloud hash rate and a Hash rate marketplace. The company also provides comprehensive mining machine hosting services that encompass deployment, maintenance, and management for effective cryptocurrency mining, in addition to mining cryptocurrencies for its own portfolio.

Bitdeer, NASDAQ, Stock