Bitdeer Technologies Group (NASDAQ: BTDR) experienced a notable increase in share price prior to the opening of trading on Monday. The stock, which closed at $22.20 on the previous trading day, opened significantly higher at $24.30 and was last trading at $23.40, with a volume of 2,526,823 shares exchanged.
Analysts Provide Mixed Ratings
Market analysts have shown varied opinions regarding Bitdeer Technologies Group’s stock. On October 8, Weiss Ratings reaffirmed a “sell (D-)” rating in a research note. Conversely, on October 15, Cantor Fitzgerald raised their target price for the company from $30.00 to $50.00, assigning an “overweight” rating. Similarly, BTIG Research increased its target price from $23.00 to $25.00 and rated the stock as a “buy” on October 14. Benchmark reiterated a “buy” rating on October 20, while B. Riley maintained a “buy” rating in a note dated August 15.
Overall, twelve analysts have rated the stock as a buy, whereas one has given it a sell rating. According to MarketBeat, Bitdeer Technologies Group currently holds an average rating of “Moderate Buy” and an average target price of $27.58.
Institutional Investment Activity
Institutional investors have recently increased their stakes in Bitdeer Technologies Group. Bank of America Corp DE enhanced its holdings by 67.5% in the second quarter, now owning 6,337,339 shares valued at approximately $72.75 million after acquiring an additional 2,553,093 shares. Geode Capital Management LLC also increased its stake by 197.7% during the same period, owning 1,592,504 shares worth around $18.28 million following the purchase of 1,057,552 shares.
FengHe Fund Management Pte. Ltd. raised its holdings by 178.2% during the first quarter, now possessing 1,332,200 shares valued at $11.76 million. Vident Advisory LLC increased its stake by 13.2% in the second quarter, totaling 775,776 shares valued at approximately $8.91 million. Additionally, Capital Fund Management S.A. purchased a new stake valued at about $6.84 million in the first quarter. Currently, institutional investors hold 22.25% of Bitdeer Technologies Group’s stock.
Bitdeer Technologies Group specializes in blockchain technology and computing. The company provides hash rate sharing solutions, including a cloud hash rate and a hash rate marketplace. It also offers comprehensive mining machine hosting solutions that cover deployment, maintenance, and management services, facilitating efficient cryptocurrency mining. In addition, Bitdeer engages in mining cryptocurrencies for its own account.
Investors and stakeholders will be watching closely as Bitdeer Technologies Group continues to navigate the evolving landscape of cryptocurrency and technology.
