Bitdeer Technologies Group (NASDAQ:BTDR) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Bitdeer Technologies Group (NASDAQ: BTDR) has received a consensus rating of "Moderate Buy" from analysts, with eleven buy ratings and one sell rating.
• The average price target for Bitdeer Technologies Group among brokers is $24.18, indicating potential growth from its current trading price of approximately $17.78.
• Recently, significant institutional investments have been made, with Bank of America increasing its holdings in Bitdeer by 67.5% during the second quarter of this year.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) has been given an average recommendation of "Moderate Buy" by the twelve research firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation and eleven have given a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $24.1818.

A number of analysts have issued reports on BTDR shares. B. Riley reissued a "buy" rating on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. Cantor Fitzgerald reissued an "overweight" rating and issued a $23.00 price target on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. Wall Street Zen lowered Bitdeer Technologies Group from a "hold" rating to a "sell" rating in a research note on Friday, August 22nd. Needham & Company LLC reissued a "buy" rating and issued a $17.00 price target on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $20.00 price target on shares of Bitdeer Technologies Group in a research note on Monday, September 15th.

Bitdeer Technologies Group Stock Down 13.3%

Shares of NASDAQ:BTDR opened at $17.78 on Friday. The stock's 50-day moving average price is $15.17 and its two-hundred day moving average price is $13.01. The company has a current ratio of 1.03, a quick ratio of 0.84 and a debt-to-equity ratio of 0.12. Bitdeer Technologies Group has a 12-month low of $6.72 and a 12-month high of $26.99. The firm has a market cap of $3.76 billion, a price-to-earnings ratio of -3.78 and a beta of 2.25.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of large investors have recently modified their holdings of the company. Voya Investment Management LLC raised its holdings in shares of Bitdeer Technologies Group by 421.6% in the 3rd quarter. Voya Investment Management LLC now owns 128,331 shares of the company's stock worth $2,193,000 after purchasing an additional 103,730 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of Bitdeer Technologies Group by 7,157.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 7,257 shares of the company's stock worth $83,000 after purchasing an additional 7,157 shares during the period. Vident Advisory LLC raised its holdings in shares of Bitdeer Technologies Group by 13.2% in the 2nd quarter. Vident Advisory LLC now owns 775,776 shares of the company's stock worth $8,906,000 after purchasing an additional 90,762 shares during the period. Boothbay Fund Management LLC purchased a new position in shares of Bitdeer Technologies Group in the 2nd quarter worth about $332,000. Finally, Bank of America Corp DE raised its holdings in shares of Bitdeer Technologies Group by 67.5% in the 2nd quarter. Bank of America Corp DE now owns 6,337,339 shares of the company's stock worth $72,753,000 after purchasing an additional 2,553,093 shares during the period. 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.

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