Bitdeer Technologies Group (NASDAQ:BTDR) Trading 7.9% Higher – Should You Buy?

Bitdeer Technologies Group (NASDAQ:BTDR)’s share price was up 7.9% during mid-day trading on Friday . The stock traded as high as $21.14 and last traded at $21.31. Approximately 3,433,946 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 7,862,513 shares. The stock had previously closed at $19.75.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $13.00 target price on shares of Bitdeer Technologies Group in a research report on Thursday, October 3rd. Benchmark increased their price objective on Bitdeer Technologies Group from $16.00 to $29.00 and gave the company a “buy” rating in a report on Monday, December 9th. Northland Capmk raised Bitdeer Technologies Group to a “strong-buy” rating in a research report on Wednesday, October 9th. Roth Mkm upped their price target on Bitdeer Technologies Group from $15.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Finally, B. Riley raised their price objective on Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Ten equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $21.00.

Bitdeer Technologies Group Stock Up 4.6 %

The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of -39.67 and a beta of 2.09. The company has a 50 day simple moving average of $18.59 and a 200-day simple moving average of $11.76.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its holdings in Bitdeer Technologies Group by 281.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 246,834 shares of the company’s stock worth $1,933,000 after acquiring an additional 182,110 shares during the period. Millennium Management LLC grew its holdings in Bitdeer Technologies Group by 901.0% during the second quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock valued at $4,210,000 after purchasing an additional 369,363 shares during the period. Mirabella Financial Services LLP bought a new position in shares of Bitdeer Technologies Group during the 3rd quarter worth $5,872,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Bitdeer Technologies Group in the third quarter valued at approximately $220,000. Finally, Geode Capital Management LLC boosted its holdings in 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 buying an additional 46,968 shares during the period. 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.