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

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price rose 10.8% on Wednesday . The stock traded as high as $21.14 and last traded at $20.94. Approximately 4,301,956 shares changed hands during mid-day trading, an increase of 57% from the average daily volume of 2,736,764 shares. The stock had previously closed at $18.90.

Analyst Ratings Changes

A number of research analysts have recently issued reports on BTDR shares. HC Wainwright raised their price objective on Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Northland Capmk upgraded Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Northland Securities boosted their price objective on Bitdeer Technologies Group from $14.00 to $20.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Benchmark raised their target price on shares of Bitdeer Technologies Group from $16.00 to $29.00 and gave the stock a “buy” rating in a report on Monday. Finally, Rosenblatt Securities upped their price target on shares of Bitdeer Technologies Group from $17.00 to $22.00 and gave the company a “buy” rating in a report on Friday, December 6th. Ten research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Bitdeer Technologies Group has a consensus rating of “Buy” and an average target price of $17.20.

Bitdeer Technologies Group Trading Down 3.8 %

The company has a market capitalization of $2.30 billion, a P/E ratio of -44.19 and a beta of 2.27. The company’s 50 day moving average is $10.92 and its 200-day moving average is $9.16.

Hedge Funds Weigh In On Bitdeer Technologies Group

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Sanctuary Advisors LLC purchased a new stake in shares of Bitdeer Technologies Group in the 3rd quarter worth approximately $275,000. Barclays PLC bought a new position in shares of Bitdeer Technologies Group during the third quarter valued at $161,000. Geode Capital Management LLC raised its position in shares of Bitdeer Technologies Group by 14.6% in the 3rd quarter. Geode Capital Management LLC now owns 368,564 shares of the company’s stock worth $2,886,000 after purchasing an additional 46,968 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Bitdeer Technologies Group in the 3rd quarter worth about $66,000. Finally, Y Intercept Hong Kong Ltd grew its position in Bitdeer Technologies Group by 96.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 44,328 shares of the company’s stock valued at $347,000 after purchasing an additional 21,798 shares during the last quarter. 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.