Bitdeer Technologies Group (NASDAQ:BTDR) Shares Up 16% – Still a Buy?

Bitdeer Technologies Group (NASDAQ:BTDR)’s stock price shot up 16% on Wednesday . The company traded as high as $17.30 and last traded at $17.15. 4,175,705 shares traded hands during mid-day trading, an increase of 67% from the average session volume of 2,499,481 shares. The stock had previously closed at $14.79.

Analyst Ratings Changes

A number of research firms recently weighed in on BTDR. Rosenblatt Securities lifted their price objective on shares of Bitdeer Technologies Group from $9.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Benchmark reiterated a “buy” rating and issued a $16.00 price objective on shares of Bitdeer Technologies Group in a research report on Tuesday, November 19th. B. Riley reduced their target price on Bitdeer Technologies Group from $14.00 to $12.00 and set a “buy” rating for the company in a report on Friday, October 11th. Roth Mkm raised their target price on Bitdeer Technologies Group from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $13.00 target price on shares of Bitdeer Technologies Group in a report on Thursday, October 3rd. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $14.80.

Bitdeer Technologies Group Stock Performance

The stock has a market cap of $1.90 billion, a PE ratio of -32.65 and a beta of 2.27. The business has a 50-day moving average of $9.62 and a 200 day moving average of $8.66.

Institutional Trading of Bitdeer Technologies Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mirabella Financial Services LLP purchased a new stake in Bitdeer Technologies Group in the 3rd quarter valued at about $5,872,000. D1 Capital Partners L.P. purchased a new stake in shares of Bitdeer Technologies Group during the 2nd quarter worth about $5,386,000. Marshall Wace LLP purchased a new stake in shares of Bitdeer Technologies Group during the 2nd quarter worth about $5,074,000. Point72 Asset Management L.P. purchased a new stake in shares of Bitdeer Technologies Group during the 2nd quarter worth about $4,617,000. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Bitdeer Technologies Group during the 2nd quarter worth about $4,510,000. 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.