Bitdeer Technologies Group (NASDAQ:BTDR) Shares Up 8% - Should You Buy?

Key Points

• Bitdeer Technologies Group (NASDAQ:BTDR) saw an 8% increase in its stock price, reaching $18.45, despite trading volume dropping 86% compared to its average session.
• Multiple analysts have issued "buy" ratings for BTDR, with target prices ranging from $20.00 to $40.00, and the average price target set at $22.55.
• Institutional investors have significantly increased their stakes in Bitdeer, with Bank of America boosting its holdings by 67.5% and Geode Capital raising theirs by 197.7% in recent quarters.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s stock price shot up 8% during mid-day trading on Wednesday . The company traded as high as $17.99 and last traded at $18.45. 729,180 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 5,282,070 shares. The stock had previously closed at $17.09.

Analyst Upgrades and Downgrades

BTDR has been the topic of a number of research analyst reports. Benchmark restated a "buy" rating on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. B. Riley restated a "buy" rating on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. Rosenblatt Securities reaffirmed a "buy" rating and set a $20.00 price objective on shares of Bitdeer Technologies Group in a report on Monday, September 15th. Roth Capital upped their target price on shares of Bitdeer Technologies Group from $18.00 to $40.00 and gave the company a "buy" rating in a research report on Monday, September 22nd. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $23.00 price target on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $22.55.

Bitdeer Technologies Group Stock Up 5.4%

The company has a market capitalization of $3.81 billion, a P/E ratio of -3.82 and a beta of 2.23. 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 firm has a fifty day simple moving average of $14.28 and a 200-day simple moving average of $12.53.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE lifted its position in 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 valued at $72,753,000 after acquiring an additional 2,553,093 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Bitdeer Technologies Group by 197.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,592,504 shares of the company's stock valued at $18,280,000 after purchasing an additional 1,057,552 shares during the period. FengHe Fund Management Pte. Ltd. lifted its holdings 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 purchasing an additional 853,300 shares in the last quarter. Capital Fund Management S.A. acquired a new position in shares of Bitdeer Technologies Group during the first quarter worth about $6,835,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Bitdeer Technologies Group by 5,771.3% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 757,864 shares of the company's stock worth $8,700,000 after buying an additional 744,956 shares during the period. Institutional investors own 22.25% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.