Bitdeer Technologies Group (NASDAQ:BTDR) Trading 6% Higher After Analyst Upgrade

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price traded up 6% during mid-day trading on Friday after Needham & Company LLC raised their price target on the stock from $13.00 to $17.00. Needham & Company LLC currently has a buy rating on the stock. Bitdeer Technologies Group traded as high as $14.48 and last traded at $14.56. 2,004,829 shares were traded during trading, a decline of 66% from the average session volume of 5,980,923 shares. The stock had previously closed at $13.73.

Other research analysts have also issued reports about the company. Keefe, Bruyette & Woods initiated coverage on Bitdeer Technologies Group in a research report on Monday, January 27th. They set an “outperform” rating and a $26.50 target price on the stock. HC Wainwright reiterated a “buy” rating and set a $21.00 price target (down previously from $22.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. Rosenblatt Securities boosted their price target on Bitdeer Technologies Group from $12.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Roth Mkm reiterated a “buy” rating and set a $23.50 price target (down previously from $29.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. Finally, Benchmark reiterated a “buy” rating and set a $24.00 price target on shares of Bitdeer Technologies Group in a research note on Monday, May 12th. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $20.20.

Institutional Trading of Bitdeer Technologies Group

Hedge funds have recently modified their holdings of the stock. FengHe Fund Management Pte. Ltd. purchased a new stake in shares of Bitdeer Technologies Group in the fourth quarter worth about $10,378,000. Barclays PLC purchased a new stake in shares of Bitdeer Technologies Group in the third quarter worth about $161,000. Renaissance Technologies LLC boosted its stake in shares of Bitdeer Technologies Group by 3,558.6% in the fourth quarter. Renaissance Technologies LLC now owns 1,240,261 shares of the company’s stock worth $26,876,000 after buying an additional 1,206,361 shares during the last quarter. Yong Rong HK Asset Management Ltd purchased a new stake in shares of Bitdeer Technologies Group in the fourth quarter worth about $65,010,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of Bitdeer Technologies Group in the fourth quarter worth about $8,833,000. Hedge funds and other institutional investors own 22.25% of the company’s stock.

Bitdeer Technologies Group Stock Up 10.6%

The stock has a market cap of $1.70 billion, a PE ratio of -29.21 and a beta of 2.24. The business has a 50 day moving average price of $10.03 and a 200 day moving average price of $13.93.

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.