Bitdeer Technologies Group (NASDAQ:BTDR) Trading 5.4% Higher - Here's What Happened

Key Points

• Bitdeer Technologies Group (NASDAQ:BTDR) shares rose by 5.4% on Tuesday, closing at $13.39 after trading volumes decreased significantly, dropping 83% from its average.
• Multiple analysts have given Bitdeer buy ratings with price targets ranging from $17.00 to $23.00, although Wall Street Zen downgraded the stock from "hold" to "sell."
• Institutional investors and hedge funds have increased their holdings in Bitdeer, with Bank of America raising its stake by 67.5% during the second quarter.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) shares shot up 5.4% on Tuesday . The company traded as high as $13.20 and last traded at $13.39. 896,241 shares traded hands during trading, a decline of 83% from the average session volume of 5,209,167 shares. The stock had previously closed at $12.70.

Wall Street Analysts Forecast Growth

BTDR has been the topic of several research analyst reports. B. Riley reiterated a "buy" rating on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. Cantor Fitzgerald restated an "overweight" rating and set a $23.00 target price on shares of Bitdeer Technologies Group in a report on Friday, August 15th. Needham & Company LLC reissued a "buy" rating and set a $17.00 price target on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. Rosenblatt Securities restated a "buy" rating and issued a $20.00 price objective on shares of Bitdeer Technologies Group in a report on Tuesday, August 19th. Finally, Wall Street Zen downgraded Bitdeer Technologies Group from a "hold" rating to a "sell" rating in a report on Friday, August 22nd. One investment analyst has rated the stock with a Strong Buy rating and ten have given a Buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $20.80.

Bitdeer Technologies Group Stock Performance

The firm has a fifty day moving average of $13.33 and a 200-day moving average of $11.94. 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 stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of -2.94 and a beta of 2.23.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE grew its stake in Bitdeer Technologies Group by 67.5% during the 2nd quarter. Bank of America Corp DE now owns 6,337,339 shares of the company's stock worth $72,753,000 after buying an additional 2,553,093 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Bitdeer Technologies Group by 197.7% during the second 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 in the last quarter. FengHe Fund Management Pte. Ltd. lifted its holdings in 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 worth $11,763,000 after purchasing an additional 853,300 shares during the period. Voloridge Investment Management LLC bought a new position in Bitdeer Technologies Group in the 4th quarter valued at about $16,834,000. Finally, Capital Fund Management S.A. bought a new position in Bitdeer Technologies Group during the first quarter valued at about $6,835,000. 22.25% of the stock is 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.

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