Bitdeer Technologies Group (NASDAQ:BTDR) Trading Up 7.9% – Time to Buy?

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on BTDR shares. Northland Securities increased their price target on Bitdeer Technologies Group from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. 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. Alliance Global Partners began coverage on shares of Bitdeer Technologies Group in a report on Tuesday, October 8th. They issued a “buy” rating and a $14.00 price target for the company. HC Wainwright increased their price objective on shares of Bitdeer Technologies Group from $17.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Finally, Roth Mkm lifted their target price on shares of Bitdeer Technologies Group from $15.00 to $29.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $21.00.

Bitdeer Technologies Group Stock Up 4.6 %

The stock’s 50-day moving average price is $18.78 and its 200 day moving average price is $11.82. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of -39.73 and a beta of 2.09.

Institutional Trading of Bitdeer Technologies Group

A number of hedge funds have recently bought and sold shares of BTDR. XTX Topco Ltd purchased a new stake in shares of Bitdeer Technologies Group in the second quarter valued at approximately $276,000. Marshall Wace LLP purchased a new stake in Bitdeer Technologies Group in the 2nd quarter valued at $5,074,000. Millennium Management LLC increased its stake in shares of Bitdeer Technologies Group by 901.0% in the 2nd quarter. Millennium Management LLC now owns 410,359 shares of the company’s stock worth $4,210,000 after acquiring an additional 369,363 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Bitdeer Technologies Group in the 2nd quarter worth $4,617,000. Finally, Shariaportfolio Inc. purchased a new position in shares of Bitdeer Technologies Group during the 3rd quarter worth $1,039,000. Institutional investors and hedge funds 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.