Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Expected to Rise, B. Riley Analyst Says

Bitdeer Technologies Group (NASDAQ:BTDR) had its price target hoisted by stock analysts at B. Riley from $17.00 to $18.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley’s target price would indicate a potential upside of 23.25% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Roth Mkm restated a “buy” rating and issued a $23.50 price objective (down previously from $29.00) on shares of Bitdeer Technologies Group in a report on Wednesday, February 26th. HC Wainwright restated a “buy” rating and issued a $21.00 price objective (down previously from $22.00) on shares of Bitdeer Technologies Group in a report on Wednesday, February 26th. Wall Street Zen upgraded Bitdeer Technologies Group from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Benchmark restated a “buy” rating and issued a $24.00 price objective on shares of Bitdeer Technologies Group in a report on Monday, May 12th. Finally, Needham & Company LLC increased their price objective on Bitdeer Technologies Group from $13.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, May 16th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Bitdeer Technologies Group presently has an average rating of “Buy” and an average target price of $19.60.

Bitdeer Technologies Group Stock Performance

Shares of NASDAQ BTDR traded down $0.40 during mid-day trading on Wednesday, reaching $14.60. The company had a trading volume of 2,224,914 shares, compared to its average volume of 4,903,214. The stock has a fifty day moving average of $10.69 and a two-hundred day moving average of $14.30. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of -28.10 and a beta of 2.24. Bitdeer Technologies Group has a 12-month low of $5.40 and a 12-month high of $26.99.

Institutional Trading of Bitdeer Technologies Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Yong Rong HK Asset Management Ltd acquired a new position in shares of Bitdeer Technologies Group during the 4th quarter worth about $65,010,000. Trivest Advisors Ltd acquired a new position in shares of Bitdeer Technologies Group in the 4th quarter valued at approximately $48,481,000. Van ECK Associates Corp acquired a new position in shares of Bitdeer Technologies Group in the 4th quarter valued at approximately $29,125,000. FengHe Fund Management Pte. Ltd. grew its position in shares of Bitdeer Technologies Group by 178.2% in the 1st quarter. FengHe Fund Management Pte. Ltd. now owns 1,332,200 shares of the company’s stock valued at $11,763,000 after purchasing an additional 853,300 shares during the period. Finally, Renaissance Technologies LLC grew its position in shares of Bitdeer Technologies Group by 3,558.6% in the 4th quarter. Renaissance Technologies LLC now owns 1,240,261 shares of the company’s stock valued at $26,876,000 after purchasing an additional 1,206,361 shares during the period. 22.25% of the stock is owned by institutional investors.

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.