Brokerages Set Bitdeer Technologies Group (NASDAQ:BTDR) Target Price at $19.80

Bitdeer Technologies Group (NASDAQ:BTDR) has been assigned a consensus recommendation of “Buy” from the eleven analysts that are currently covering the company, MarketBeat reports. Ten equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $20.20.

A number of research firms have recently weighed in on BTDR. Needham & Company LLC increased their price target on Bitdeer Technologies Group from $13.00 to $17.00 and gave the stock a “buy” rating in a report on Friday. HC Wainwright reissued a “buy” rating and set a $21.00 target price (down previously from $22.00) on shares of Bitdeer Technologies Group in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods assumed coverage on Bitdeer Technologies Group in a research note on Monday, January 27th. They set an “outperform” rating and a $26.50 target price on the stock. Roth Mkm reaffirmed a “buy” rating and issued a $23.50 price target (down previously from $29.00) on shares of Bitdeer Technologies Group in a research report on Wednesday, February 26th. Finally, Rosenblatt Securities increased their price target on Bitdeer Technologies Group from $12.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, May 12th.

Bitdeer Technologies Group Stock Up 10.6%

Shares of NASDAQ:BTDR opened at $15.19 on Wednesday. The business has a fifty day moving average of $10.03 and a two-hundred day moving average of $13.93. The stock has a market cap of $1.70 billion, a P/E ratio of -29.21 and a beta of 2.24. Bitdeer Technologies Group has a 52-week low of $5.40 and a 52-week high of $26.99.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Yong Rong HK Asset Management Ltd purchased a new position in Bitdeer Technologies Group during the 4th quarter worth approximately $65,010,000. Trivest Advisors Ltd purchased a new position in Bitdeer Technologies Group during the 4th quarter worth approximately $48,481,000. Van ECK Associates Corp purchased a new position in Bitdeer Technologies Group during the 4th quarter worth approximately $29,125,000. FengHe Fund Management Pte. Ltd. grew its stake in Bitdeer Technologies Group by 178.2% during the 1st quarter. FengHe Fund Management Pte. Ltd. now owns 1,332,200 shares of the company’s stock worth $11,763,000 after buying an additional 853,300 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in Bitdeer Technologies Group by 3,558.6% during the 4th 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. Hedge funds and other institutional investors own 22.25% of the company’s stock.

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.