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

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.

Shares of Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report) traded up 5.4% on Tuesday . The stock traded as high as $13.20 and last traded at $13.39. 896,241 shares changed 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

Several analysts recently weighed in on the company. Benchmark restated a "buy" rating on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. Wall Street Zen downgraded Bitdeer Technologies Group from a "hold" rating to a "sell" rating in a research report on Friday, August 22nd. B. Riley restated a "buy" rating on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. Rosenblatt Securities restated a "buy" rating and set a $20.00 price objective on shares of Bitdeer Technologies Group in a research report on Tuesday, August 19th. Finally, HC Wainwright increased their target price on Bitdeer Technologies Group from $18.00 to $19.00 and gave the company a "buy" rating in a research report on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating and ten have given a Buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $20.80.

Bitdeer Technologies Group Trading Up 14.5%

The company has a market cap of $3.42 billion, a price-to-earnings ratio of -3.44 and a beta of 2.23. The firm has a 50 day moving average price of $13.45 and a two-hundred day moving average price of $12.04. The company has a quick ratio of 0.84, a current ratio of 1.03 and a debt-to-equity ratio of 0.12.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Bitdeer Technologies Group by 3.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,358 shares of the company's stock valued at $636,000 after buying an additional 916 shares during the period. Main Management ETF Advisors LLC grew its stake in Bitdeer Technologies Group by 1.6% during the second quarter. Main Management ETF Advisors LLC now owns 57,153 shares of the company's stock worth $656,000 after purchasing an additional 924 shares during the period. Stonebridge Financial Group LLC grew its stake in Bitdeer Technologies Group by 33.3% during the first 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 period. Advisors Asset Management Inc. grew its stake in Bitdeer Technologies Group by 68.4% during the second 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 period. Finally, Public Employees Retirement System of Ohio grew its stake in Bitdeer Technologies Group by 14.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 9,600 shares of the company's stock worth $208,000 after purchasing an additional 1,200 shares during the period. Institutional investors and hedge funds own 22.25% of the company's stock.

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.