Bitdeer Technologies Group (NASDAQ:BTDR) Trading Down 7.6% - Time to Sell?

Key Points

• Bitdeer Technologies Group (NASDAQ:BTDR) saw its share price slip 7.6%, closing at $16.18, significantly below the previous close of $17.52, with trading volume down 82% from the average.
• Analysts hold a consensus rating of "Buy" for the stock, with a target price averaging $22.55, though some firms have expressed divergent views, including a downgrade to "sell."
• Recently, several large institutional investors increased their stakes in Bitdeer, with Bank of America raising its holdings by 67.5% to own over 6 million shares.

Bitdeer Technologies Group (NASDAQ:BTDR - Get Free Report)'s share price dropped 7.6% on Thursday . The stock traded as low as $16.17 and last traded at $16.18. Approximately 975,989 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 5,300,033 shares. The stock had previously closed at $17.52.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Cantor Fitzgerald reiterated an "overweight" rating and issued a $23.00 target price 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 note on Friday, August 22nd. B. Riley reaffirmed a "buy" rating on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. Benchmark reaffirmed a "buy" rating on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. Finally, Roth Capital raised their price objective on Bitdeer Technologies Group from $18.00 to $40.00 and gave the company a "buy" rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $22.55.

Bitdeer Technologies Group Trading Down 4.2%

The business's fifty day moving average is $14.05 and its two-hundred day moving average is $12.33. 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 market cap of $3.55 billion, a price-to-earnings ratio of -3.58 and a beta of 2.23.

Institutional Trading of Bitdeer Technologies Group

A number of large investors have recently added to or reduced their stakes in BTDR. Tower Research Capital LLC TRC lifted its stake in shares of Bitdeer Technologies Group by 7,157.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 7,257 shares of the company's stock worth $83,000 after buying an additional 7,157 shares during the last quarter. Vident Advisory LLC lifted its position in Bitdeer Technologies Group by 13.2% during the second quarter. Vident Advisory LLC now owns 775,776 shares of the company's stock worth $8,906,000 after acquiring an additional 90,762 shares during the last quarter. Boothbay Fund Management LLC acquired a new stake in Bitdeer Technologies Group during the 2nd quarter worth approximately $332,000. Bank of America Corp DE lifted its holdings 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 purchasing an additional 2,553,093 shares during the last quarter. Finally, Lighthouse Investment Partners LLC acquired a new stake in Bitdeer Technologies Group during the 2nd quarter worth approximately $804,000. Institutional investors and hedge funds 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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