Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price Up 6% – Time to Buy?

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price shot up 6% during trading on Monday . The stock traded as high as $8.05 and last traded at $8.08. 402,426 shares traded hands during trading, a decline of 91% from the average session volume of 4,409,466 shares. The stock had previously closed at $7.62.

Analyst Ratings Changes

Several equities analysts have recently issued reports on BTDR shares. Benchmark reduced their target price on Bitdeer Technologies Group from $29.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. HC Wainwright reaffirmed a “buy” rating and set a $21.00 price objective (down from $22.00) on shares of Bitdeer Technologies Group in a report on Wednesday, February 26th. Northland Securities boosted their price target on shares of Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Rosenblatt Securities cut their price objective on shares of Bitdeer Technologies Group from $25.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, April 10th. Finally, Needham & Company LLC lowered their target price on shares of Bitdeer Technologies Group from $15.00 to $13.00 and set a “buy” rating on the stock in a report on Monday. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $19.50.

Bitdeer Technologies Group Stock Performance

The stock has a 50-day moving average price of $10.55 and a 200-day moving average price of $13.51. The stock has a market cap of $871.10 million, a P/E ratio of -14.96 and a beta of 2.25.

Hedge Funds Weigh In On Bitdeer Technologies Group

Institutional investors have recently made changes to their positions in the stock. Exchange Traded Concepts LLC raised its position in Bitdeer Technologies Group by 216.8% during the first quarter. Exchange Traded Concepts LLC now owns 692,420 shares of the company’s stock valued at $6,114,000 after purchasing an additional 473,865 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Bitdeer Technologies Group during the 1st quarter valued at about $505,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Bitdeer Technologies Group in the 4th quarter worth approximately $566,000. Public Employees Retirement System of Ohio grew its position in Bitdeer Technologies Group by 14.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 9,600 shares of the company’s stock valued at $208,000 after acquiring an additional 1,200 shares during the last quarter. Finally, Two Seas Capital LP purchased a new position in shares of Bitdeer Technologies Group during the fourth quarter worth approximately $9,384,000. Institutional investors own 22.25% of the company’s stock.

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.