Bitdeer Technologies Group (NASDAQ:BTDR) Lowered to "Sell" Rating by Wall Street Zen

Key Points

• Bitdeer Technologies Group's stock rating has been downgraded from a "hold" to a "sell" by Wall Street Zen, signaling a negative outlook for the company.
• Despite the downgrade, Bitdeer holds an average rating of "Buy" from analysts, with a consensus price target of $20.80.
• The company's stock has shown significant volatility, with a 1-year low of $5.40 and a high of $26.99.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Friday.

A number of other analysts have also recently issued reports on the company. B. Riley reissued a "buy" rating on shares of Bitdeer Technologies Group in a report on Friday, August 15th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $20.00 price target on shares of Bitdeer Technologies Group in a report on Tuesday, August 19th. Benchmark reaffirmed a "buy" rating on shares of Bitdeer Technologies Group in a report on Friday, August 15th. HC Wainwright raised their price target on Bitdeer Technologies Group from $18.00 to $19.00 and gave the company a "buy" rating in a report on Monday, August 18th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $17.00 price target on shares of Bitdeer Technologies Group in a report on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating and ten have issued a Buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $20.80.

Bitdeer Technologies Group Price Performance

BTDR traded up $0.13 during trading on Friday, reaching $13.68. 4,949,353 shares of the company were exchanged, compared to its average volume of 3,125,942. The company's 50-day moving average is $13.03 and its two-hundred day moving average is $12.10. The company has a market cap of $1.53 billion, a price-to-earnings ratio of -2.91 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. Bitdeer Technologies Group has a 12-month low of $5.40 and a 12-month high of $26.99.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Bitdeer Technologies Group by 3.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,358 shares of the company's stock valued at $636,000 after purchasing an additional 916 shares during the last quarter. Main Management ETF Advisors LLC increased its position in shares of Bitdeer Technologies Group by 1.6% during the 2nd quarter. Main Management ETF Advisors LLC now owns 57,153 shares of the company's stock valued at $656,000 after purchasing an additional 924 shares during the last quarter. Stonebridge Financial Group LLC increased its position in shares of Bitdeer Technologies Group by 33.3% during the 1st quarter. Stonebridge Financial Group LLC now owns 4,000 shares of the company's stock valued at $35,000 after purchasing an additional 1,000 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of Bitdeer Technologies Group by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,570 shares of the company's stock valued at $30,000 after purchasing an additional 1,044 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in shares of Bitdeer Technologies Group by 14.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 9,600 shares of the company's stock valued at $208,000 after purchasing an additional 1,200 shares during the last quarter. 22.25% of the stock is currently owned by institutional investors.

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.