Bitdeer Technologies Group (NASDAQ:BTDR) Receives Sell (D-) Rating from Weiss Ratings

Key Points

• Bitdeer Technologies Group has received a "sell (D-)" rating from Weiss Ratings, indicating negative outlook from analysts.
• Despite the downgrade, the stock has seen a 7.0% increase in value, trading at $23.24 with a market cap of $4.92 billion.
• Institutional investors have been actively buying shares, with Bank of America Corp DE increasing its stake by 67.5% during the second quarter.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s stock had its "sell (d-)" rating reiterated by analysts at Weiss Ratings in a research note issued to investors on Friday,Weiss Ratings reports.

A number of other equities research analysts have also recently issued reports on BTDR. Cantor Fitzgerald upped their target price on Bitdeer Technologies Group from $30.00 to $50.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 15th. Wall Street Zen cut Bitdeer Technologies Group from a "hold" rating to a "sell" rating in a research report on Friday, August 22nd. HC Wainwright upped their target price on Bitdeer Technologies Group from $18.00 to $19.00 and gave the stock a "buy" rating in a research report on Monday, August 18th. B. Riley reiterated a "buy" rating on shares of Bitdeer Technologies Group in a report on Friday, August 15th. Finally, Needham & Company LLC upped their price target on Bitdeer Technologies Group from $17.00 to $30.00 and gave the stock a "buy" rating in a report on Thursday, October 16th. Twelve investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $27.58.

Bitdeer Technologies Group Stock Up 7.0%

Shares of BTDR traded up $1.52 during trading hours on Friday, reaching $23.24. The company's stock had a trading volume of 5,372,978 shares, compared to its average volume of 5,694,698. The firm has a market cap of $4.92 billion, a price-to-earnings ratio of -4.94 and a beta of 2.25. Bitdeer Technologies Group has a 1-year low of $6.84 and a 1-year high of $27.80. The company has a quick ratio of 0.84, a current ratio of 1.03 and a debt-to-equity ratio of 0.12. The company has a 50 day moving average of $16.98 and a two-hundred day moving average of $13.88.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE raised its stake in Bitdeer Technologies Group by 67.5% during the second quarter. Bank of America Corp DE now owns 6,337,339 shares of the company's stock worth $72,753,000 after acquiring an additional 2,553,093 shares in the last quarter. Geode Capital Management LLC raised its stake in Bitdeer Technologies Group by 197.7% during the second quarter. Geode Capital Management LLC now owns 1,592,504 shares of the company's stock worth $18,280,000 after acquiring an additional 1,057,552 shares in the last quarter. FengHe Fund Management Pte. Ltd. raised its stake in Bitdeer Technologies Group by 178.2% during the first quarter. FengHe Fund Management Pte. Ltd. now owns 1,332,200 shares of the company's stock worth $11,763,000 after acquiring an additional 853,300 shares in the last quarter. Vident Advisory LLC raised its stake in Bitdeer Technologies Group by 13.2% during the second quarter. Vident Advisory LLC now owns 775,776 shares of the company's stock worth $8,906,000 after acquiring an additional 90,762 shares in the last quarter. Finally, Capital Fund Management S.A. acquired a new position in Bitdeer Technologies Group during the first quarter worth $6,835,000. 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.

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