FengHe Fund Management Pte. Ltd. Sells 1,041,500 Shares of Bitdeer Technologies Group $BTDR

Key Points

• FengHe Fund Management Pte. Ltd. significantly reduced its stake in Bitdeer Technologies Group, selling 1,041,500 shares and decreasing its ownership by 78.2%.
• Despite the sell-off, several other hedge funds have increased their positions in Bitdeer, with Stonebridge Financial Group boosting its stake by 33.3% during the first quarter.
• Bitdeer Technologies Group currently has a market cap of $3.81 billion and has received mostly favorable ratings from analysts, with an average target price of $22.55.

FengHe Fund Management Pte. Ltd. lessened its stake in Bitdeer Technologies Group (NASDAQ:BTDR - Free Report) by 78.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 290,700 shares of the company's stock after selling 1,041,500 shares during the period. Bitdeer Technologies Group comprises 0.5% of FengHe Fund Management Pte. Ltd.'s portfolio, making the stock its 21st biggest holding. FengHe Fund Management Pte. Ltd. owned approximately 0.26% of Bitdeer Technologies Group worth $3,337,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Stonebridge Financial Group LLC lifted its position in shares of Bitdeer Technologies Group by 33.3% in 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. Caitong International Asset Management Co. Ltd bought a new position in Bitdeer Technologies Group during the first quarter worth about $55,000. Public Employees Retirement System of Ohio lifted 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. KLP Kapitalforvaltning AS lifted its position in shares of 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 buying an additional 8,800 shares during the period. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of Bitdeer Technologies Group by 507.1% during the first quarter. SBI Securities Co. Ltd. now owns 22,002 shares of the company's stock valued at $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 Stock Performance

Shares of BTDR stock opened at $18.00 on Thursday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.03 and a quick ratio of 0.84. The stock has a market cap of $3.81 billion, a PE ratio of -3.83 and a beta of 2.25. The stock has a 50-day moving average of $14.34 and a 200-day moving average of $12.57. Bitdeer Technologies Group has a one year low of $6.61 and a one year high of $26.99.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on BTDR shares. Benchmark reiterated a "buy" rating on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. B. Riley reaffirmed a "buy" rating on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. Wall Street Zen downgraded shares of Bitdeer Technologies Group from a "hold" rating to a "sell" rating in a research note on Friday, August 22nd. HC Wainwright boosted their target price on shares of Bitdeer Technologies Group from $18.00 to $19.00 and gave the stock a "buy" rating in a research note on Monday, August 18th. Finally, Roth Capital boosted their target price on Bitdeer Technologies Group from $18.00 to $40.00 and gave the stock a "buy" rating in a research report on Monday, September 22nd. One research analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company. Based on data from MarketBeat.com, Bitdeer Technologies Group presently has an average rating of "Buy" and an average target price of $22.55.

Bitdeer Technologies Group 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.

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