Bitdeer Technologies Group (NASDAQ:BTDR) Shares Down 6.8% - Here's What Happened

Key Points

• Bitdeer Technologies Group's stock (NASDAQ:BTDR) dropped 6.8% on Wednesday, trading as low as $13.22, with a significant decline in trading volume.
• Analyst opinions are mixed, with Needham & Company maintaining a "buy" rating and a target price of $17.00, while Wall Street Zen downgraded the stock to "sell."
• Institutional investors have increased their holdings, with Bank of America boosting its position by 67.5% in the second quarter, indicating increasing institutional interest in the company.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s stock price dropped 6.8% on Wednesday . The stock traded as low as $13.22 and last traded at $13.28. Approximately 1,960,216 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 5,249,953 shares. The stock had previously closed at $14.24.

Analyst Upgrades and Downgrades

BTDR has been the subject of several analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $17.00 target price on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. Wall Street Zen cut shares of Bitdeer Technologies Group from a "hold" rating to a "sell" rating in a research note on Friday, August 22nd. B. Riley reissued a "buy" rating on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. HC Wainwright raised their target price on shares of Bitdeer Technologies Group from $18.00 to $19.00 and gave the company a "buy" rating in a research note on Monday, August 18th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $20.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating and ten have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, Bitdeer Technologies Group has a consensus rating of "Buy" and a consensus target price of $20.80.

Bitdeer Technologies Group Stock Performance

The stock's 50-day simple moving average is $13.22 and its 200 day simple moving average is $12.03. The stock has a market capitalization of $1.48 billion, a P/E ratio of -2.82 and a beta of 2.23. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.03 and a quick ratio of 0.84.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of institutional investors have recently modified their holdings of BTDR. Bank of America Corp DE boosted its position in shares of Bitdeer Technologies Group by 67.5% in the second quarter. Bank of America Corp DE now owns 6,337,339 shares of the company's stock valued at $72,753,000 after acquiring an additional 2,553,093 shares during the period. Geode Capital Management LLC boosted its position in shares of Bitdeer Technologies Group by 197.7% in the second quarter. Geode Capital Management LLC now owns 1,592,504 shares of the company's stock valued at $18,280,000 after acquiring an additional 1,057,552 shares during the period. FengHe Fund Management Pte. Ltd. boosted its position in shares of Bitdeer Technologies Group by 178.2% in the first quarter. FengHe Fund Management Pte. Ltd. now owns 1,332,200 shares of the company's stock valued at $11,763,000 after acquiring an additional 853,300 shares during the period. Voloridge Investment Management LLC bought a new stake in shares of Bitdeer Technologies Group in the fourth quarter valued at about $16,834,000. Finally, Capital Fund Management S.A. bought a new stake in shares of Bitdeer Technologies Group in the first quarter valued at about $6,835,000. Institutional investors 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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