Needham & Company LLC Forecasts Strong Price Appreciation for Bitdeer Technologies Group (NASDAQ:BTDR) Stock

Bitdeer Technologies Group (NASDAQ:BTDR) had its target price lifted by investment analysts at Needham & Company LLC from $13.00 to $17.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective points to a potential upside of 11.92% from the company’s current price.

Several other research firms also recently weighed in on BTDR. Benchmark restated a “buy” rating and set a $24.00 target price on shares of Bitdeer Technologies Group in a report on Monday, May 12th. Keefe, Bruyette & Woods initiated coverage on shares of Bitdeer Technologies Group in a report on Monday, January 27th. They set an “outperform” rating and a $26.50 target price for the company. HC Wainwright restated a “buy” rating and set a $21.00 target price (down from $22.00) on shares of Bitdeer Technologies Group in a report on Wednesday, February 26th. Roth Mkm restated a “buy” rating and set a $23.50 target price (down from $29.00) on shares of Bitdeer Technologies Group in a report on Wednesday, February 26th. Finally, Rosenblatt Securities raised their price target on shares of Bitdeer Technologies Group from $12.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Ten research 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 $20.20.

Bitdeer Technologies Group Trading Up 10.6%

NASDAQ:BTDR opened at $15.19 on Friday. The firm has a 50-day moving average price of $10.03 and a two-hundred day moving average price of $13.97. Bitdeer Technologies Group has a twelve month low of $5.40 and a twelve month high of $26.99. The company has a market capitalization of $1.70 billion, a P/E ratio of -29.21 and a beta of 2.24.

Institutional Investors Weigh In On Bitdeer Technologies Group

Several hedge funds have recently modified their holdings of the stock. Yong Rong HK Asset Management Ltd acquired a new stake in shares of Bitdeer Technologies Group in the fourth quarter worth approximately $65,010,000. Trivest Advisors Ltd acquired a new stake in shares of Bitdeer Technologies Group in the fourth quarter worth approximately $48,481,000. Van ECK Associates Corp acquired a new stake in shares of Bitdeer Technologies Group in the fourth quarter worth approximately $29,125,000. FengHe Fund Management Pte. Ltd. raised its holdings in Bitdeer Technologies Group by 178.2% in the first quarter. FengHe Fund Management Pte. Ltd. now owns 1,332,200 shares of the company’s stock valued at $11,763,000 after buying an additional 853,300 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in 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 valued at $26,876,000 after buying an additional 1,206,361 shares during the period. 22.25% of the stock is 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.