Bitdeer Technologies Group (NASDAQ:BTDR) Trading Up 10.8% – Still a Buy?

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price was up 10.8% during trading on Thursday . The company traded as high as $11.85 and last traded at $11.36. Approximately 2,224,937 shares traded hands during trading, a decline of 69% from the average daily volume of 7,102,242 shares. The stock had previously closed at $10.25.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Northland Securities raised their price target on shares of Bitdeer Technologies Group from $20.00 to $24.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Benchmark dropped their target price on shares of Bitdeer Technologies Group from $29.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday. Keefe, Bruyette & Woods initiated coverage on shares of Bitdeer Technologies Group in a research report on Monday, January 27th. They set an “outperform” rating and a $26.50 price target on the stock. HC Wainwright reissued a “buy” rating and issued a $21.00 target price (down previously from $22.00) on shares of Bitdeer Technologies Group in a research report on Wednesday. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $30.00 price target on shares of Bitdeer Technologies Group in a research note on Monday. Eleven analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Bitdeer Technologies Group currently has a consensus rating of “Buy” and an average price target of $21.18.

Bitdeer Technologies Group Price Performance

The firm has a market capitalization of $1.24 billion, a P/E ratio of -21.28 and a beta of 2.04. The stock’s fifty day simple moving average is $18.60 and its 200 day simple moving average is $12.79.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several hedge funds and other institutional investors have recently bought and sold shares of BTDR. Yong Rong HK Asset Management Ltd acquired a new stake in Bitdeer Technologies Group during the fourth quarter worth about $65,010,000. Trivest Advisors Ltd acquired a new stake in shares of Bitdeer Technologies Group during the 4th quarter worth approximately $48,481,000. Van ECK Associates Corp purchased a new position in shares of Bitdeer Technologies Group during the 4th quarter valued at approximately $29,125,000. Renaissance Technologies LLC lifted its stake in shares of Bitdeer Technologies Group by 3,558.6% in the 4th quarter. Renaissance Technologies LLC now owns 1,240,261 shares of the company’s stock valued at $26,876,000 after purchasing an additional 1,206,361 shares during the period. Finally, Voloridge Investment Management LLC purchased a new stake in shares of Bitdeer Technologies Group during the 4th quarter worth about $16,834,000. 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.