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

Bitdeer Technologies Group (NASDAQ:BTDR) shares gapped down before the market opened on Monday . The stock had previously closed at $11.09, but opened at $10.75. Bitdeer Technologies Group shares last traded at $9.91, with a volume of 3,258,912 shares trading hands.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Alliance Global Partners began coverage on shares of Bitdeer Technologies Group in a research report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 price objective for the company. Roth Mkm raised their target price on shares of Bitdeer Technologies Group from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday. Northland Securities boosted their price target on Bitdeer Technologies Group from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Rosenblatt Securities raised their price objective on Bitdeer Technologies Group from $9.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $14.80.

Bitdeer Technologies Group Trading Down 2.6 %

The firm’s fifty day moving average price is $8.15 and its two-hundred day moving average price is $8.07. The stock has a market capitalization of $1.29 billion, a PE ratio of -22.19 and a beta of 1.92.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of institutional investors have recently modified their holdings of the business. Millennium Management LLC grew its holdings in Bitdeer Technologies Group by 901.0% in 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 period. Point72 Hong Kong Ltd purchased a new stake in shares of Bitdeer Technologies Group during the second quarter worth $4,510,000. Shariaportfolio Inc. acquired a new position in shares of Bitdeer Technologies Group during the 3rd quarter worth approximately $1,039,000. Thomist Capital Management LP acquired a new stake in shares of Bitdeer Technologies Group in the second quarter valued at approximately $1,156,000. Finally, Point72 Asset Management L.P. purchased a new position in Bitdeer Technologies Group during the second quarter worth approximately $4,617,000. 22.25% of the stock is currently 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.