Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Up 7.5% - Here's What Happened

Key Points

• Bitdeer Technologies Group (NASDAQ: BTDR) experienced a 7.5% increase in stock price, rising from $16.57 to $17.81 as of Wednesday, with approximately 2.31 million shares traded.
• Analyst ratings vary, with B. Riley and Roth Capital enhancing their ratings to "buy," while Wall Street Zen downgraded it to a "sell," resulting in a consensus rating of "buy" and an average target price of $22.55.
• Institutional investors have been actively trading shares, with Bank of America increasing its stake by 286.8%, indicating growing institutional interest in the company.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s stock price rose 7.5% on Wednesday . The company traded as high as $17.89 and last traded at $17.81. Approximately 2,312,446 shares traded hands during trading, a decline of 56% from the average daily volume of 5,304,689 shares. The stock had previously closed at $16.57.

Analyst Upgrades and Downgrades

BTDR has been the subject of a number of recent analyst reports. B. Riley reissued a "buy" rating on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. HC Wainwright increased 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 report on Monday, August 18th. Wall Street Zen downgraded shares of Bitdeer Technologies Group from a "hold" rating to a "sell" rating in a research report on Friday, August 22nd. Roth Capital increased 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. Finally, Rosenblatt Securities reissued a "buy" rating and set a $20.00 target price on shares of Bitdeer Technologies Group in a research report on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $22.55.

Bitdeer Technologies Group Trading Up 4.2%

The stock has a market capitalization of $3.66 billion, a PE ratio of -3.66 and a beta of 2.23. The firm has a 50-day moving average price of $13.97 and a 200-day moving average price of $12.30. The company has a current ratio of 1.03, a quick ratio of 0.84 and a debt-to-equity ratio of 0.12.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several large investors have recently added to or reduced their stakes in BTDR. Northern Trust Corp purchased a new stake in Bitdeer Technologies Group in the 4th quarter worth about $813,000. Bank of America Corp DE increased its holdings in Bitdeer Technologies Group by 286.8% in the 4th quarter. Bank of America Corp DE now owns 73,253 shares of the company's stock worth $1,587,000 after acquiring an additional 54,314 shares during the last quarter. Deutsche Bank AG increased its holdings in Bitdeer Technologies Group by 173.7% in the 4th quarter. Deutsche Bank AG now owns 16,525 shares of the company's stock worth $358,000 after acquiring an additional 10,488 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Bitdeer Technologies Group by 3.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,358 shares of the company's stock worth $636,000 after acquiring an additional 916 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in Bitdeer Technologies Group in the 4th quarter worth about $2,771,000. Hedge funds and other 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.

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