FengHe Fund Management Pte. Ltd. Has $11.76 Million Stake in Bitdeer Technologies Group (NASDAQ:BTDR)

Key Points

• FengHe Fund Management Pte. Ltd. significantly increased its stake in Bitdeer Technologies Group by 178.2% during the first quarter, making it the firm's 8th largest position.
• Several institutional investors also boosted their holdings, including Vident Advisory LLC, which grew its stake by 29.7%, now owning shares valued at approximately $24.7 million.
• Research analysts generally maintain a positive outlook on Bitdeer Technologies Group, with an average rating of "Buy" and a consensus target price of $21.00 for the stock.

FengHe Fund Management Pte. Ltd. lifted its holdings in Bitdeer Technologies Group (NASDAQ:BTDR - Free Report) by 178.2% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,332,200 shares of the company's stock after purchasing an additional 853,300 shares during the period. Bitdeer Technologies Group comprises approximately 4.4% of FengHe Fund Management Pte. Ltd.'s holdings, making the stock its 8th biggest position. FengHe Fund Management Pte. Ltd. owned approximately 1.19% of Bitdeer Technologies Group worth $11,763,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the business. Stonebridge Financial Group LLC raised its stake in Bitdeer Technologies Group by 33.3% during the 1st quarter. Stonebridge Financial Group LLC now owns 4,000 shares of the company's stock worth $35,000 after acquiring an additional 1,000 shares during the period. Quarry LP bought a new stake in Bitdeer Technologies Group during the 4th quarter worth approximately $42,000. Wells Fargo & Company MN raised its stake in Bitdeer Technologies Group by 56.4% during the 4th quarter. Wells Fargo & Company MN now owns 4,270 shares of the company's stock worth $93,000 after acquiring an additional 1,540 shares during the period. KLP Kapitalforvaltning AS raised its stake in Bitdeer Technologies Group by 111.4% during the 1st quarter. KLP Kapitalforvaltning AS now owns 16,700 shares of the company's stock worth $147,000 after acquiring an additional 8,800 shares during the period. Finally, SBI Securities Co. Ltd. raised its stake in Bitdeer Technologies Group by 507.1% during the 1st quarter. SBI Securities Co. Ltd. now owns 22,002 shares of the company's stock worth $194,000 after acquiring an additional 18,378 shares during the period. Institutional investors own 22.25% of the company's stock.

Bitdeer Technologies Group Trading Down 2.8%

Shares of BTDR stock traded down $0.39 on Friday, reaching $13.39. The company's stock had a trading volume of 2,783,175 shares, compared to its average volume of 3,543,615. The stock's fifty day simple moving average is $13.00 and its 200-day simple moving average is $12.31. Bitdeer Technologies Group has a 1 year low of $5.40 and a 1 year high of $26.99. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of -3.28 and a beta of 2.23.

Wall Street Analyst Weigh In

BTDR has been the subject of a number of research analyst reports. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $23.00 price objective on shares of Bitdeer Technologies Group in a report on Friday. Rosenblatt Securities reaffirmed a "buy" rating and set a $20.00 price objective on shares of Bitdeer Technologies Group in a report on Monday, June 16th. B. Riley reaffirmed a "buy" rating on shares of Bitdeer Technologies Group in a report on Friday. Benchmark reaffirmed a "buy" rating on shares of Bitdeer Technologies Group in a report on Friday. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $17.00 price objective on shares of Bitdeer Technologies Group in a report on Friday. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Bitdeer Technologies Group presently has a consensus rating of "Buy" and an average price target of $21.00.

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.