Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 4.3% - What's Next?

Key Points

• Bitdeer Technologies Group shares fell by 4.3%, trading at $19.73, with a significant decline in trading volume compared to the average session.
• Wall Street analysts have mixed views, with target prices ranging from $19.00 to $40.00 and ratings varying from "Strong Buy" to "Sell."
• Institutional investors have increased their positions significantly, with Bank of America boosting its holdings by 67.5% during the second quarter.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) shares traded down 4.3% during mid-day trading on Wednesday . The company traded as low as $19.75 and last traded at $19.73. 1,976,374 shares traded hands during trading, a decline of 63% from the average session volume of 5,364,521 shares. The stock had previously closed at $20.61.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. HC Wainwright raised their target price on Bitdeer Technologies Group from $18.00 to $19.00 and gave the stock a "buy" rating in a report on Monday, August 18th. B. Riley restated a "buy" rating on shares of Bitdeer Technologies Group in a report on Friday, August 15th. Roth Capital lifted their price objective on Bitdeer Technologies Group from $18.00 to $40.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Wall Street Zen cut Bitdeer Technologies Group from a "hold" rating to a "sell" rating in a report on Friday, August 22nd. Finally, Jones Trading started coverage on Bitdeer Technologies Group in a report on Monday. They set a "buy" rating and a $32.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $24.18.

Bitdeer Technologies Group Stock Performance

The stock has a 50-day moving average of $14.76 and a 200-day moving average of $12.85. The firm has a market cap of $4.21 billion, a price-to-earnings ratio of -4.22 and a beta of 2.25. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.84 and a current ratio of 1.03.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BTDR. Bank of America Corp DE increased its position in shares of Bitdeer Technologies Group by 67.5% during 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 last quarter. Geode Capital Management LLC increased its position in shares of Bitdeer Technologies Group by 197.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,592,504 shares of the company's stock worth $18,280,000 after purchasing an additional 1,057,552 shares during the last quarter. FengHe Fund Management Pte. Ltd. increased its holdings in shares of Bitdeer Technologies Group by 178.2% during the 1st 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 during the last quarter. Capital Fund Management S.A. acquired a new position in shares of Bitdeer Technologies Group during the 1st quarter worth approximately $6,835,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Bitdeer Technologies Group by 5,771.3% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 757,864 shares of the company's stock worth $8,700,000 after acquiring an additional 744,956 shares during the last quarter. Institutional investors and hedge funds own 22.25% of the company's stock.

Bitdeer Technologies Group Company Profile

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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