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

Bitdeer Technologies Group (NASDAQ:BTDR) gapped up before the market opened on Wednesday . The stock had previously closed at $9.48, but opened at $9.99. Bitdeer Technologies Group shares last traded at $10.01, with a volume of 292,200 shares trading hands.

Analyst Ratings Changes

Several research firms recently weighed in on BTDR. Roth Mkm reiterated a “buy” rating and set a $23.50 target price (down from $29.00) on shares of Bitdeer Technologies Group in a research report on Wednesday, February 26th. Benchmark decreased their target price on shares of Bitdeer Technologies Group from $29.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Rosenblatt Securities reduced their target price on Bitdeer Technologies Group from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Monday. Northland Securities lifted their price target on Bitdeer Technologies Group from $20.00 to $24.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Finally, B. Riley boosted their price objective on shares of Bitdeer Technologies Group from $15.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $21.00.

Bitdeer Technologies Group Stock Performance

The company has a market cap of $1.13 billion, a price-to-earnings ratio of -19.34 and a beta of 2.12. The company has a 50-day simple moving average of $15.38 and a 200-day simple moving average of $13.21.

Institutional Investors Weigh In On Bitdeer Technologies Group

A number of large investors have recently bought and sold shares of the stock. Yong Rong HK Asset Management Ltd acquired a new stake in shares of Bitdeer Technologies Group in the fourth quarter worth approximately $65,010,000. Trivest Advisors Ltd acquired a new position in shares of Bitdeer Technologies Group in the 4th quarter valued at about $48,481,000. Van ECK Associates Corp acquired a new position in Bitdeer Technologies Group during the fourth quarter valued at approximately $29,125,000. Renaissance Technologies LLC raised its position in Bitdeer Technologies Group by 3,558.6% in the fourth 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. Finally, Voloridge Investment Management LLC acquired a new position in shares of Bitdeer Technologies Group during the fourth quarter worth $16,834,000. Institutional investors and hedge funds 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.