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

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price rose 10.8% on Thursday . The stock traded as high as $11.85 and last traded at $11.36. Approximately 2,224,937 shares were traded 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 research firms recently commented on BTDR. Benchmark dropped their target price on shares of Bitdeer Technologies Group from $29.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday. Keefe, Bruyette & Woods began coverage on Bitdeer Technologies Group in a report on Monday, January 27th. They set an “outperform” rating and a $26.50 price objective on the stock. Northland Securities boosted their target price on Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Friday, January 10th. B. Riley raised their price target on Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $21.00 price target (down previously from $22.00) on shares of Bitdeer Technologies Group in a research report on Wednesday. Eleven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $21.18.

Bitdeer Technologies Group Trading Up 13.0 %

The company has a market capitalization of $1.38 billion, a price-to-earnings ratio of -23.67 and a beta of 2.04. The firm’s 50 day simple moving average is $18.29 and its 200-day simple moving average is $12.81.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Yong Rong HK Asset Management Ltd purchased a new stake in Bitdeer Technologies Group in the 4th quarter valued at approximately $65,010,000. Trivest Advisors Ltd purchased a new stake in shares of Bitdeer Technologies Group in the fourth quarter valued at approximately $48,481,000. Van ECK Associates Corp purchased a new stake in shares of Bitdeer Technologies Group in the fourth quarter valued at approximately $29,125,000. Renaissance Technologies LLC grew its holdings in Bitdeer Technologies Group by 3,558.6% during the fourth quarter. Renaissance Technologies LLC now owns 1,240,261 shares of the company’s stock worth $26,876,000 after acquiring an additional 1,206,361 shares during the period. Finally, Voloridge Investment Management LLC purchased a new position in Bitdeer Technologies Group in the fourth quarter worth $16,834,000. 22.25% of the stock is currently owned by institutional investors and hedge funds.

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.