Bitdeer Technologies Group (NASDAQ:BTDR) Shares Up 11.8% – Time to Buy?

Bitdeer Technologies Group (NASDAQ:BTDR) shot up 11.8% on Thursday . The stock traded as high as $25.18 and last traded at $24.22. 3,491,817 shares traded hands during mid-day trading, an increase of 11% from the average session volume of 3,140,711 shares. The stock had previously closed at $21.67.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on BTDR shares. Rosenblatt Securities lifted 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 set a $14.00 target price on shares of Bitdeer Technologies Group in a research note on Tuesday, November 19th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $13.00 target price on shares of Bitdeer Technologies Group in a research report on Thursday, October 3rd. Northland Capmk raised shares of Bitdeer Technologies Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Finally, HC Wainwright upped their price objective on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Ten investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Bitdeer Technologies Group currently has an average rating of “Buy” and an average price target of $19.80.

Bitdeer Technologies Group Trading Up 14.1 %

The firm has a market cap of $2.92 billion, a price-to-earnings ratio of -50.19 and a beta of 2.27. The stock’s fifty day moving average price is $15.53 and its 200-day moving average price is $10.80.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of hedge funds have recently modified their holdings of BTDR. Public Employees Retirement System of Ohio purchased a new position in shares of Bitdeer Technologies Group during the 3rd quarter worth approximately $66,000. Centiva Capital LP purchased a new position in shares of Bitdeer Technologies Group during the third quarter worth $91,000. Barclays PLC purchased a new stake in Bitdeer Technologies Group during the third quarter worth about $161,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Bitdeer Technologies Group during the third quarter worth about $169,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Bitdeer Technologies Group in the third quarter valued at approximately $220,000. 22.25% of the stock is currently owned by hedge funds and other institutional investors.

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.