Bitdeer Technologies Group (NASDAQ:BTDR) Sets New 52-Week High – Time to Buy?

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $26.24 and last traded at $24.82, with a volume of 2209476 shares. The stock had previously closed at $24.46.

Wall Street Analyst Weigh In

BTDR has been the subject of a number of analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $13.00 price objective on shares of Bitdeer Technologies Group in a research report on Thursday, October 3rd. Northland Securities lifted their target price on shares of Bitdeer Technologies Group from $14.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Rosenblatt Securities increased their price target on Bitdeer Technologies Group from $17.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Bitdeer Technologies Group in a research report on Tuesday, November 19th. Finally, Benchmark increased their target price on Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $19.80.

Bitdeer Technologies Group Price Performance

The stock has a market cap of $2.75 billion, a PE ratio of -47.29 and a beta of 2.27. The stock has a 50-day simple moving average of $13.73 and a 200-day simple moving average of $10.21.

Institutional Trading of Bitdeer Technologies Group

A number of institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new position in Bitdeer Technologies Group in the third quarter valued at approximately $66,000. Centiva Capital LP acquired a new stake in shares of Bitdeer Technologies Group in the third quarter worth $91,000. Barclays PLC purchased a new position in shares of Bitdeer Technologies Group in the 3rd quarter valued at $161,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Bitdeer Technologies Group in the 3rd quarter valued at $169,000. Finally, Y Intercept Hong Kong Ltd lifted its holdings in shares of Bitdeer Technologies Group by 96.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 44,328 shares of the company’s stock valued at $347,000 after acquiring an additional 21,798 shares in the last quarter. Hedge funds and other institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Company 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.