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

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 fell 6.8% on Wednesday . The stock traded as low as $13.22 and last traded at $13.28. 1,960,216 shares were traded during trading, a decline of 63% from the average session volume of 5,249,953 shares. The stock had previously closed at $14.24.

Analysts Set New Price Targets

Several research firms have weighed in on BTDR. B. Riley reaffirmed a "buy" rating on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. Rosenblatt Securities reaffirmed a "buy" rating and set a $20.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, August 19th. Needham & Company LLC reaffirmed a "buy" rating and set a $17.00 target price on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. Wall Street Zen cut Bitdeer Technologies Group from a "hold" rating to a "sell" rating in a research note on Friday, August 22nd. Finally, Benchmark reissued a "buy" rating on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating and ten have given a Buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $20.80.

Bitdeer Technologies Group Trading Up 2.8%

The company has a fifty day moving average of $13.31 and a two-hundred day moving average of $11.95. The company has a current ratio of 1.03, a quick ratio of 0.84 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of -2.70 and a beta of 2.23.

Institutional Investors Weigh In On Bitdeer Technologies Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. lifted its holdings in Bitdeer Technologies Group by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 2,570 shares of the company's stock worth $30,000 after purchasing an additional 1,044 shares during the last quarter. Stonebridge Financial Group LLC lifted its holdings in Bitdeer Technologies Group by 33.3% in the 1st quarter. Stonebridge Financial Group LLC now owns 4,000 shares of the company's stock worth $35,000 after purchasing an additional 1,000 shares during the last quarter. Amalgamated Bank acquired a new stake in Bitdeer Technologies Group in the 2nd quarter worth approximately $35,000. Caitong International Asset Management Co. Ltd acquired a new stake in Bitdeer Technologies Group in the 1st quarter worth approximately $55,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Bitdeer Technologies Group by 7,157.0% during the second quarter. Tower Research Capital LLC TRC now owns 7,257 shares of the company's stock worth $83,000 after buying an additional 7,157 shares during the last quarter. 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.