Needham & Company LLC Issues Pessimistic Forecast for Bitdeer Technologies Group (NASDAQ:BTDR) Stock Price

Bitdeer Technologies Group (NASDAQ:BTDR) had its price objective dropped by equities research analysts at Needham & Company LLC from $18.00 to $15.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 58.23% from the company’s previous close.

Several other equities analysts have also recently weighed in on the stock. Benchmark lowered their price objective on shares of Bitdeer Technologies Group from $29.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. HC Wainwright reissued a “buy” rating and issued a $21.00 target price (down from $22.00) on shares of Bitdeer Technologies Group in a report on Wednesday, February 26th. B. Riley increased their target price on shares of Bitdeer Technologies Group from $15.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Rosenblatt Securities reduced their target price on shares of Bitdeer Technologies Group from $30.00 to $25.00 and set a “buy” rating for the company in a report on Monday. Finally, Keefe, Bruyette & Woods started coverage on shares of Bitdeer Technologies Group in a report on Monday, January 27th. They issued an “outperform” rating and a $26.50 target price for the company. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $21.00.

Bitdeer Technologies Group Stock Performance

BTDR opened at $9.48 on Wednesday. The stock has a market capitalization of $1.06 billion, a P/E ratio of -18.23 and a beta of 2.12. The company’s 50-day simple moving average is $15.38 and its two-hundred day simple moving average is $13.21. Bitdeer Technologies Group has a 52-week low of $5.23 and a 52-week high of $26.99.

Institutional Investors Weigh In On Bitdeer Technologies Group

Institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its holdings in Bitdeer Technologies Group by 281.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 246,834 shares of the company’s stock valued at $1,933,000 after buying an additional 182,110 shares in the last quarter. FengHe Fund Management Pte. Ltd. bought a new position in shares of Bitdeer Technologies Group during the 4th quarter valued at approximately $10,378,000. Mirabella Financial Services LLP bought a new position in shares of Bitdeer Technologies Group during the 3rd quarter valued at approximately $5,872,000. Barclays PLC bought a new position in shares of Bitdeer Technologies Group during the 3rd quarter valued at approximately $161,000. Finally, Geode Capital Management LLC boosted its position in shares of Bitdeer Technologies Group by 14.6% during the 3rd quarter. Geode Capital Management LLC now owns 368,564 shares of the company’s stock valued at $2,886,000 after acquiring an additional 46,968 shares during the last quarter. 22.25% of the stock is owned by hedge funds and other institutional investors.

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.