Bitdeer Technologies Group (NASDAQ:BTDR) Trading 7.9% Higher – Should You Buy?

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price traded up 7.9% on Friday . The stock traded as high as $21.14 and last traded at $21.31. 3,433,946 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 7,862,513 shares. The stock had previously closed at $19.75.

Analyst Ratings Changes

Several analysts have issued reports on BTDR shares. Needham & Company LLC upped their price target on shares of Bitdeer Technologies Group from $14.00 to $22.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Northland Securities raised their target price on shares of Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Alliance Global Partners started coverage on Bitdeer Technologies Group in a research report on Tuesday, October 8th. They set a “buy” rating and a $14.00 price target on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Bitdeer Technologies Group in a research report on Monday, January 13th. Finally, HC Wainwright boosted their target price on Bitdeer Technologies Group from $17.00 to $18.00 and gave the stock a “buy” rating in a report 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. Based on data from MarketBeat, Bitdeer Technologies Group has an average rating of “Buy” and a consensus target price of $21.00.

Bitdeer Technologies Group Price Performance

The business’s 50-day moving average is $18.59 and its 200 day moving average is $11.76. The firm has a market capitalization of $2.31 billion, a P/E ratio of -39.67 and a beta of 2.09.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mirabella Financial Services LLP bought a new position in shares of Bitdeer Technologies Group in the 3rd quarter valued at $5,872,000. Marshall Wace LLP acquired a new stake in Bitdeer Technologies Group in the second quarter valued at about $5,074,000. Point72 Asset Management L.P. bought a new position in Bitdeer Technologies Group in the second quarter valued at about $4,617,000. Millennium Management LLC raised its stake in Bitdeer Technologies Group by 901.0% during the second quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock worth $4,210,000 after acquiring an additional 369,363 shares in the last quarter. Finally, State Street Corp bought a new position in shares of Bitdeer Technologies Group in the third quarter worth about $1,510,000. 22.25% of the stock is owned by institutional investors and hedge funds.

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.